Paramount Resources Ltd. (TSX:POU) and MGM Energy Corp. (TSX:MGX) announced
today that Paramount has completed the acquisition of all of the outstanding
common shares of MGM Energy not owned by it pursuant to an arrangement under the
Business Corporations Act (Alberta). Paramount issued 1,127,790 Class A Common
Shares in connection with the transaction. The common shares of MGM Energy are
expected to be delisted from the Toronto Stock Exchange within two or three
trading days.


Paramount is a Canadian oil and natural gas exploration, development and
production company with operations focused in Western Canada. Paramount's Class
A 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
(403) 290-3600


Paramount Resources Ltd.
B.K. (Bernie) Lee
Chief Financial Officer
(403) 290-3600
(403) 262-7994 (FAX)
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