NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.


Paramount Resources Ltd. (TSX:POU) ("Paramount") has completed its previously
announced public offering of 1,500,000 Class A Common Shares ("Common Shares")
at a price of $32.50 per share for gross proceeds of $48,750,000. The shares
were sold through a syndicate of underwriters co-led by Peters & Co. Limited and
BMO Capital Markets.


Paramount has also completed its previously announced private placement of
150,000 Common Shares issued on a "flow-through" basis in respect of Canadian
development expenses to a company controlled by Clayton H. Riddell, Paramount's
Chairman and Chief Executive Officer, at a price of $36.50 per share for gross
proceeds of $5,475,000.


Paramount is a Canadian oil and natural gas exploration, development and
production company with operations focused in Western Canada. Paramount's Common
Shares are listed on the Toronto Stock Exchange under the symbol "POU".


The Common Shares and Common Shares issued on a flow-through basis have not been
and will not be registered under the United States Securities Act of 1933, as
amended, or any states securities laws and may not be offered, sold or delivered
in the United States or to or for the account or benefit of U.S. persons absent
registration or applicable exemption from the registration requirement of such
act or any applicable states securities laws. This news release does not
constitute an offer to sell or a solicitation of an offer to buy securities in
the United States.
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