CALGARY,
AB, Sept. 3, 2024 /CNW/ - Paramount Resources
Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to
announce that its Board of Directors has declared a cash dividend
of $0.15 per common share that will
be payable on September 27, 2024 to shareholders
of record on September 16, 2024. The dividend
will be designated as an "eligible dividend" for Canadian income
tax purposes.
Consistent with its strategy of identifying new opportunities at
an early stage and capturing large holdings at a low cost,
Paramount has confidentially acquired over a multi-year period
approximately 167 sections of wholly-owned Montney rights in the Sinclair area of Alberta at a total cost of approximately
$51 million. The
Sinclair lands, which are detailed
in the included map, are prospective for high-rate gas production
from the Montney formation.
Paramount is in the process of licensing its first two
horizontal Montney appraisal wells
at Sinclair for drilling in the
fourth quarter of 2024 with no change to its previously disclosed
capital budget. The Company will use the flow test and other data
obtained from these wells to continue to advance its development
plans for the property, which have included the recent securing of
downstream transportation capacity that would enable the first
phase of Sinclair production to commence as early as the
fourth quarter of 2027.
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 potential payment of future dividends under the Company's
monthly dividend program would be considered 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
as to the Company's future free cash flow, operating results,
capital requirements and financial position. There are risks that
may result in the Company changing, suspending or discontinuing its
monthly dividend program, including changes to free cash flow,
operating results, capital requirements, financial position, market
conditions or corporate strategy and the need to comply with
requirements under debt agreements and applicable laws respecting
the declaration and payment of dividends. There are no assurances
as to the continuing declaration and payment of future dividends by
the Company or the amount or timing of any such dividends. For more
information relating to risks, see "Risk Factors" in
Paramount's annual information form for the year ended December 31, 2023, which is available on SEDAR+
at www.sedarplus.ca.
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.