PARAMOUNT OIL VENTURES
The program acquired twenty producing oil wells and planned to rehabilitate them and stimulate their production. While we received an above- average return on investment for the first year, it was determined that our funds would earn better rewards by drilling new wells. The members of Paramount Oil Ventures became participants in Wolfshead Oil and its three wells.
PARAMOUNT OIL VENTURES II
The program entered into a joint venture with our operator to drill ten oil wells in Cranberry Township, Venango County, PA. The Operator paid for 50% of the development and drilling costs and Paramount II paid for 50% of the costs, resulting in a 50-50 ownership of the ten wells. All wells are producing at this time and the program has received substantial revenues to date. The Operator was subsequently acquired by a company preparing to go public and they intend to continue developing the property with their own funds. Paramount II is a participant in the initial Wolfshead wells and has right of first refusal to develop in that area.