James H. T. Riddell, Susan L. Riddell Rose and Brenda Riddell Now Control or Direct Different Holding Entities Formerly Controlled or Directed by Clayton H. Riddell

This press release is being issued pursuant to section 5.2 of National Instrument 62-104 -Take-Over Bids and Issuer Bids.

CALGARY, Oct. 4, 2018 /CNW/ - As a result of the passing of Clayton H. Riddell ("C. Riddell"), the voting shares held by C. Riddell in Warner Investment Holdings Ltd. ("Warner") and Treherne Resources Ltd. ("Treherne") ceased to be voting such that voting control of Warner and Treherne now rests with James H. T. Riddell ("J. Riddell"), the voting shares held by C. Riddell in Dreamworks Investment Holdings Ltd. ("Dreamworks") ceased to be voting such that voting control of Dreamworks now rests with Susan L. Riddell Rose ("S. Rose") and the voting shares held by C. Riddell in Universal Investment Holdings Ltd. ("Universal") ceased to be voting such that voting control of Universal now rests with Brenda Riddell ("B. Riddell"), all by virtue of the articles of these companies.  Each of Warner, Treherne, Dreamworks and Universal is a private company that was previously controlled or directed by the late C. Riddell.

Warner, Treherne, Dreamworks and Universal respectively own 28,657,528, 200,000, 14,116,473 and 14,103,436 Class A Common Shares ("Common Shares") of Paramount Resources Ltd. ("Paramount"), representing approximately 21.88%, 0.15%, 10.78% and 10.77% of the outstanding Common Shares as of the date hereof.  Prior to C. Riddell's passing, J. Riddell, S. Rose and B. Riddell respectively owned 1,671,546, 402,338 and 256,407 Common Shares (in the case of J. Riddell and S. Rose, inclusive of their options to acquire Common Shares which are vested or vest within 60 days), representing approximately 1.27%, 0.31% and 0.20% of the outstanding Common Shares.  After C. Riddell's passing, J. Riddell, S. Rose and B. Riddell now respectively own, or control or direct, approximately 23.23%, 11.08% and 10.96% of the outstanding Common Shares (in the case of J. Riddell and S. Rose, inclusive of their options to acquire Common Shares which are vested or vest within 60 days).

Presently, there is no change in investment intent as disclosed in the press releases and/or early warning reports previously filed by C. Riddell in respect of these holdings of Warner, Treherne, Dreamworks and Universal.

SOURCE James H. T. Riddell

For inquiries or a copy of the related early warning report in respect of Paramount, a copy of which is filed on www.sedar.com, please contact: James H. T. Riddell, c/o Paramount Resources Ltd., Suite 2800, 421 - 7th Avenue S.W., Calgary, Alberta, T2P 4K9