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Paramax ends discussions for reorganization, financing
2006-03-16 11:30 ET - News Release
Mr. James Owen reports
PARAMAX RESOURCES LTD. PROVIDES CORPORATE UPDATE
Paramax Resources Ltd. has been in discussions with a third party concerning a possible financing and reorganization. These discussions have now terminated.
The company's first well at the Fosterton project has been cased as a potential oil well. A program to complete and test the well in the Rosary sand formation is being developed. Work will commence as soon as possible. The company has a 35-per-cent interest before payout and a 26-per-cent interest after payout in the first well and the offsetting 280 acres in the property.