CALGARY,
AB, June 28, 2022 /CNW/ - Paramount Resources
Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to
announce that the Toronto Stock Exchange (the "TSX") has accepted
the Company's notice to renew its normal course issuer bid ("NCIB")
for its class A common shares ("Common Shares"). The renewal of the
NCIB provides the Company with the continued flexibility to
increase shareholder returns through the repurchase of Common
Shares at times when management believes that the market price of
the Common Shares does not reflect their underlying
value.
The NCIB will commence on June 30,
2022 and is due to expire on June
29, 2023. Paramount may purchase up to 7,626,260
Common Shares under the NCIB, representing 10% of the public float
of 76,262,608 Common Shares as of June
20, 2022. Under TSX rules, a maximum of 135,258 Common
Shares may be purchased under the NCIB in any one day, representing
25% of the average daily trading volume of the Common Shares on the
TSX for the six months ended May 31,
2022 of 541,035 Common Shares. Paramount may also make
one block purchase per calendar week which exceeds the daily
purchase restriction, subject to the rules of the TSX. The
actual number of Common Shares that will be purchased under the
NCIB and the timing of any such purchases will be subject to market
conditions and Paramount's free cash flow allocation
priorities. Purchases of Common Shares under the NCIB will be
made through the facilities of the TSX or alternative Canadian
trading systems at the market price at the time of purchase.
The Company is authorized to purchase up to 7,308,743 Common
Shares under its current NCIB, which will expire on June 29, 2022. A total of 197,500 Common
Shares have been purchased on the open market under the current
NCIB at a weighted average price of $13.66 per share.
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,
including longer-term strategic exploration and pre-development
plays, and holds a portfolio of investments in other entities. The
Company's principal properties are located in Alberta and British Columbia.
Paramount's Class A common shares are listed on the Toronto Stock
Exchange under the symbol "POU".
SOURCE Paramount Resources Ltd.