CALGARY,
AB, May 29, 2023 /CNW/ - Paramount
Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased
to advise that it has restored the majority of production that had
been temporarily curtailed as a result of the Alberta wildfires. The Company has fully
resumed operations in the Grande Prairie Region. Approximately
14,000 Boe/d of production in the Kaybob Region is currently
shut-in, with all but 5,000 Boe/d expected to be on production
within a week. The remaining 5,000 Boe/d will be restored as
facilities and fields are able to be brought back online, which is
expected to occur within a month. There has been no significant
damage or loss to material owned or third-party
infrastructure.
Paramount estimates that the wildfires resulted in the
curtailment of approximately 38,000 Boe/d of production on average
in the period from May 5 to May
28. Paramount will provide updated production guidance when
it is reasonably able to quantify the ultimate impact of the
wildfires.
Paramount remains grateful to its personnel and industry
partners and all emergency responders and firefighters for their
extraordinary efforts in responding to the wildfires.
ABOUT Paramount
Paramount is an independent, publicly traded, liquids-rich
natural gas 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".
ADVISORIES
The statements in this press release concerning the expected
timing of restoring production curtailed as a result of the
wildfires are forward-looking information under applicable
securities legislation. Although Paramount believes that the
expectations reflected in such forward-looking information are
reasonable based on the information available at the time of this
press release, undue reliance should not be placed on the
forward-looking information as Paramount can give no assurance that
such expectations will prove to be correct. Such forward-looking
information is based on a number of assumptions which may prove to
be incorrect, including assumptions that there will be no changes
in the course of the wildfires that materially adversely affect
operations and that all actions necessary for the restoration of
the curtailed production, including the receipt of any required
regulatory approvals, inspection of infrastructure and the
restoration of power, are successfully completed on anticipated
timelines. There are risks that may result in the curtailed
production not being restored within the expected times or in
additional production being curtailed, including risks that the
course of the wildfires will change in a manner that materially
adversely affects operations or that unexpected delays occur in the
restart of facilities and fields. For more information
relating to risks, see "Risk Factors" in Paramount's
annual information form for the year ended December 31, 2022, which is available on SEDAR at
www.sedar.com.
Any forward-looking information is provided as of the date
hereof and, except as required by applicable securities law,
Paramount undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
SOURCE Paramount Resources Ltd.