Second Phase Drilling Commences in Western Idaho Basin

Paramax announced that second phase of drilling on the Western Idaho Basin has commenced. The first joint well in the five well program for the Hamilton Project Area, the Tracy Trust #1, will commence drilling August 5th, 2010. The well has a planned total depth of 2,500 feet, it is expected that the well will be drilled in 7 days. Immediately following the drilling of the well, if successful, the casing, completion and testing of the well is expected to be completed in 15-20 days.