Paramount Resources Ltd. report the reorganization of all of the Company's oil sands and carbonate bitumen interests into a new wholly-owned subsidiary, Pixar Petroleum Corp. The reorganization is being undertaken to create a focused, self-funding oil sands entity in order to accelerate the development of Paramount's bitumen interests. Dr. William Roach has been appointed as Pixar's President and Chief Executive Officer. In addition, the initial independent resource estimates for the Saleski and other carbonate bitumen properties have now been completed and the Company is pleased to announce the results.
Upon completion of the reorganization in early-December, all of Paramount's oil sands and carbonate bitumen leases will be owned by Pixar - including Paramount's Hoole and Saleski leases.
In total, Pixar will own approximately 275 sections of Crown oil sands leases in the western Athabasca region of Alberta, the majority of which are 100 percent owned. These leases are prospective in multiple formations, primarily for thermal in-situ development, but also have potential for cold production.