Paramount Resources Ltd. (TSX:POU) (“Paramount” or the “Company”) is pleased to announce that it has agreed to sell its oil and gas properties in the Valhalla area of Alberta (the “Assets”) for cash consideration of approximately $150 million, subject to customary post-closing adjustments.

As quoted in the press release:

The Assets encompass approximately 94 (74 net) sections of land and had estimated sales volumes of approximately 1,400 Boe/d for the three-month period ended March 31, 2017.

Closing of the transaction is expected to occur in May 2017, and is subject to the purchaser receiving the approval of the Alberta Energy Regulator for the transfer to it of the Assets.

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