Paramax Resources Ltd. Updates Idaho Development Plans
3/18/2011 9:16:23 AM - Market Wire
CALGARY, ALBERTA, Mar 18, 2011 (MARKETWIRE via COMTEX News Network) --
Paramax Resources Ltd. (TSX VENTURE: PXM) is very pleased to announce that, along with its partner Bridge Resources Corp. each with 50% working interest, has committed to the development of the Willow and Hamilton Fields in Payette County, Idaho. These two fields were discovered in 2010 and appraised by six additional wells.
Negotiations are proceeding for the installation of a meter station to interconnect this new natural gas supply to the interstate transmission system which will allow access to Idaho's natural gas customers as well as natural gas markets in the Pacific Northwest. As well, design and approval work has begun for the installation of the pipelines and the midstream facilities upstream of the meter station.
Design and planning of the pending stimulation of the four additional Hamilton wells has been done to determine well production rates and optimal pipeline size. These are very small fracs to clean-up highly porous conventional sand reservoirs. The stimulation program is subject to State approval of fracing parameters, which is expected in April, and on availability of equipment which will be contracted once approval is received.
In addition to the work on the Hamilton field, planning and design of the installation of the facilities and the 8.5 mile pipeline to tie-in Willow Field has begun.
Willow and Hamilton are the first commercial discoveries of oil and gas in Idaho. Paramax and Bridge express their appreciation to the State of Idaho and the County of Payette for their support in achieving this goal.