Paramax Resources Unloads Idaho Properties

To buy interest in assets in Western Idaho Basin.

Paramax Resources Ltd., Calgary, (Toronto Venture: PXM) has closed the sale of its complete interest in the Western Idaho Basin to an arm's length party for US$5 million.

Specific details were not disclosed.

Paramax and Bridge Resources marketed assets in Western Idaho Basin beginning in November 2011, which included 100% working interest (80% net revenue interest) in approximately 36,000 acres of development acreage (on 160-acre spacing) in Willow and Hamilton fields. The fields produced from depths of 1,800- to 4,100 feet and include pipeline rights of way, pipe and CUP to achieve first production quickly.