Paramax provided an operations update on their Western Idaho Basin Project.
Paramax and its 50% working interest partner Bridge Resources Corp. ("Bridge") have drilled and tested five Hamilton gas wells with 50 potential infill locations identified. The Corporations are currently planning to undertake small stimulation treatments on four of the wells to boost deliverability with the timing subject to final regulatory approval.
Paramax and Bridge have also drilled two step-out wells from the ML Investments 1-10 Willow Field discovery. The DJS 1-15 well encountered a 230 feet gross pay section that was gas condensate bearing to the base of the interval with no water present. The well was cased and perforated at four separate intervals and produced a stable 1.25 mmcfd with condensate on a 1/8" choke. From the results of prolonged flow-tests, the well has been deemed to be an excellent stimulation candidate with a minimum 1,280 acres productive area,
The second step-out well, the DJS 1-14, was structurally high but did not encounter the anticipated pay sand due to faulting or unconformity truncation. A shallow sand tested gas and water and provides future follow-up potential. The planned DJS 1-13 well will not be drilled at this time pending integration of the DJS 1-14 results into the seismic interpretation to relocate the third planned step-out.
Additional locations directly offsetting the ML 1-10 well will next be drilled when approvals have been received. Negotiations have been concluded to retain the drilling rig on a stand-by basis.
Commercial tie-in operations continue as planned, with first production revenues anticipated in early 2011.
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