Paramount Resources Ltd. Closes the Sale of its Karr 6-18 Natural Gas Facility

CALGARY, Aug. 1, 2019 /CNW/ - Paramount Resources Ltd. (ʺParamountʺ or the ʺCompanyʺ) is pleased to announce that it has closed the previously announced sale of its Karr 6-18 natural gas facility to CSV Midstream Solutions Corp. for total consideration of approximately $470 million. The consideration received by Paramount included approximately $330 million in cash plus a $140 million capital commitment to fund and complete the expansion of the facility.

The cash proceeds from the transaction will initially be used to reduce amounts drawn on the Company's $1.5 billion bank credit facility, which totaled $827.3 million as at March 31, 2019.

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 resources. The Company also pursues long-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 ʺPOUʺ.

SOURCE Paramount Resources Ltd.

Paramount Resources Ltd., J.H.T. (Jim) Riddell, Chairman and President and Chief Executive Officer, B.K. (Bernie) Lee, Executive Vice President, Finance and Chief Financial Officer; Rodrigo (Rod) Sousa, Executive Vice President, Corporate Development and Planning, www.paramountres.com, Phone: [phone]