CALGARY, Nov. 17, 2016 /CNW/ - Paramount Resources
Ltd. ("Paramount" or the "Company") announced today that it will
redeem all of its outstanding 7.625% senior unsecured notes due
2019 in the aggregate principal amount of $286,583,000 (the "2019 Notes") on December 19, 2016 (the "Redemption"). The
redemption price will be 102.542% of the principal amount of the
2019 Notes redeemed. The Company will pay the aggregate
redemption price plus accrued and unpaid interest on the 2019 Notes
to, but excluding, the redemption date with cash on hand.
Paramount delivered the redemption notice in respect of the
Redemption today.
Paramount is an independent, publicly traded, Canadian
corporation that explores for and develops conventional petroleum
and natural gas prospects, pursues longer-term non-conventional
exploration and pre-development projects and holds investments in
other entities. The Company's properties are primarily located in
Alberta and British Columbia. Paramount's Class A Common
Shares are listed on the Toronto Stock Exchange under the symbol
"POU".
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking statements pertaining
to the Redemption and the source of funds therefor. 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.
SOURCE Paramount Resources Ltd.