Stephan Burnett
Northern News Services

Yellowknife (Apr 05/04) - Five new wells have boosted Paramount Resources' presence in the Cameron Hills area, southwest of Enterprise.

Twelve wells are now tied into the infrastructure system, started almost two years ago.

"We drilled five wells this year and tied in one," said Lloyd Doyle, Paramount's corporate operating officer.

The raw product is being shipped to a processing facility at Bistcho Lake, in Northern Alberta, about 70 km southwest of the Cameron Hills.

"We separate and measure in the NWT and then recombine them and put them down the pipe and then it all goes to Bistcho Lake Gas Processing," said Doyle.

Paramount recently shot some three-dimensional seismic images in the area.

The company is moving about 1,000 barrels a day of oil and seven million cubic feet per day of gas.

The company has invested close to $120 million in the area so far and only pulled out $35 million.

"We're certainly going to have to find more production to cover the investment that's in there," said Doyle.

The company would provide no comment on their measurable reserves in the area.