NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


Paramount Resources Ltd. (TSX:POU) ("Paramount") has completed its previously
announced public offering of 4,025,000 Class A Common Shares ("Common Shares")
through a syndicate of underwriters at a price of $37.50 per share for gross
proceeds of $150,937,500, which includes the exercise in full by the
underwriters of their 15 percent over-allotment option. The underwriting
syndicate was led by BMO Capital Markets.


The Common Shares issued 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 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.


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Paramount Resources Ltd.
J.H.T. (Jim) Riddell, President and Chief Operating Officer
B.K. (Bernie) Lee, Chief Financial Officer
(403) 290-3600
(403) 262-7994 (FAX)
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