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CALGARY,
Dec. 17, 2012 /CNW/ - Paramount
Resources Ltd. ("Paramount") is pleased to announce that its
wholly-owned subsidiary Cavalier Energy Inc. ("Cavalier") filed a
regulatory application for the Hoole Grand Rapids Project ("Hoole
Project") with the Energy Resources Conservation Board and Alberta
Environment and Sustainable Resource Development, in November 2012. The Hoole Project comprises
a 10,000 barrel per day in-situ SAGD oil sands development. Subject
to receipt of regulatory approval, the current Hoole Project
schedule anticipates first steam in 2015 and the first full year of
production in 2016. "The Hoole Project presents a great platform
from which to grow Cavalier into a significant oil sands production
company," stated William Roach,
President and Chief Executive Officer of Cavalier.
Further to the submission of the regulatory
application, Cavalier expects to receive a reserves report for the
Hoole Project from its independent engineering evaluators in the
first quarter of 2013. "This is a major step forward for
Paramount and the Cavalier team," said Jim
Riddell, President and Chief Operating Officer of Paramount.
"This is Paramount's first operated, strategic investment in the
oil sands, and we look forward to the Cavalier team creating
significant shareholder value at Hoole."
More information pertaining to Cavalier, including
its latest corporate presentation, is available at the newly
launched Cavalier website, www.cavalierenergy.com and may also be
accessed via the Paramount website www.paramountres.com.
Advisory Regarding Forward-Looking
Statements: This news release contains forward-looking
statements pertaining to the regulatory approval for the Hoole
Project, the timing of first steam at and production from the Hoole
Project, expected production volumes from the Hoole Project and the
reserves report of the independent third party engineering
evaluator for Cavalier. Although Paramount believes that the
expectations reflected in such forward looking statements are
reasonable, undue reliance should not be placed on them as
Paramount cannot give any assurance that such expectations will
prove to be correct. The forward-looking statements in this news
release are made as of the date hereof and, except as required by
applicable securities law, Paramount undertakes no obligation to
update publicly or revise such statements, whether as a result of
new information, future events or otherwise. Paramount is a
Canadian oil and natural gas exploration, development and
production company with operations focused in Western Canada. Paramount's Class A
Common Shares are listed on the Toronto Stock Exchange under the symbol
"POU".
SOURCE Paramount Resources