Paramount Resources Ltd. press release

Paramount Resources Ltd. Closes the Sale of its Karr 6-18 Natural Gas Facility

2019-08-01

TSX - Toronto Stock Exchange · Natural Gas · Oil · Natural Gas Liquids · Ethane · Canada

Canada NewsWire

CALGARY, Aug. 1, 2019

CALGARY, Aug. 1, 2019/CNW/ - Paramount Resources Ltd. (ʺParamountʺ or the ʺCompanyʺ) is pleased to announce that it has closed the previously announced sale of its Karr 6-18 natural gas facility to CSV Midstream Solutions Corp. for total consideration of approximately $470 million. The consideration received by Paramount included approximately $330 millionin cash plus a $140 millioncapital commitment to fund and complete the expansion of the facility.

The cash proceeds from the transaction will initially be used to reduce amounts drawn on the Company's $1.5 billionbank credit facility, which totaled $827.3 millionas at March 31, 2019.

ABOUT Paramount

Paramount is an independent, publicly traded, liquids-focused Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas resources. The Company also pursues long-term strategic exploration and pre-development plays and holds a portfolio of investments in other entities. The Company's principal properties are located in Albertaand British Columbia. Paramount's Class A common shares are listed on the Toronto Stock Exchange under the symbol ʺPOUʺ.

SOURCE Paramount Resources Ltd.

View original content: http://www.newswire.ca/en/releases/archive/August2019/01/c0299.html

Paramount Resources Ltd., J.H.T. (Jim) Riddell, Chairman and President and Chief Executive Officer, B.K. (Bernie) Lee, Executive Vice President, Finance and Chief Financial Officer; Rodrigo (Rod) Sousa, Executive Vice President, Corporate Development and Planning, www.paramountres.com, Phone: (403) 290-3600Copyright CNW Group 2019