POU Paramount Resources Ltd

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 4,600,000 Class A Common Shares (the "Common
Shares") at a price of $60.00 per share for gross proceeds of $276,000,000 and
900,000 Class A Common Shares issued on a "flow-through" basis in respect of
Canadian exploration expenses (the "Flow-Through Shares") at a price of $74.40
per share for gross proceeds of $66,960,000. Both the Common Shares and the
Flow-Through Shares were sold through a syndicate of underwriters co-led by BMO
Capital Markets, RBC Capital Markets, Scotiabank and Peters & Co. Limited.


The Common Shares and the Flow-Through 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 has also completed its previously announced non-brokered private
placement of 100,000 Class A Common Shares issued on a "flow-through" basis in
respect of Canadian exploration expenses to Clayton H. Riddell, Chairman and
Chief Executive Officer of Paramount, for gross proceeds of $7,440,000.


Paramount is an independent, publicly traded, Canadian corporation that explores
for and develops conventional petroleum and natural gas prospects, pursues
longer-term non-conventional exploration and pre-development projects and holds
investments in other entities. The Company's principal properties are primarily
located in Alberta and British Columbia. 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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