Mr. J.H.T. Riddell reports

PARAMOUNT RESOURCES LTD. ANNOUNCES UPSIZING AND PRICING OF NEW SENIOR UNSECURED NOTES

Paramount Resources Ltd. has agreed to sell $450-million (U.S.) aggregate principal amount of 6.875-per-cent senior unsecured notes due 2023. Due to strong market demand, Paramount increased the size of the offering by $50-million (U.S.) to $450-million (U.S.). As stated previously, the company intends to use the net proceeds from the new notes offering to redeem all of its outstanding 8.25-per-cent senior unsecured notes due 2017 in the aggregate principal amount of $370-million (Canadian), for capital expenditures and for general corporate purposes, including the temporary repayment of indebtedness under the company's secured revolving credit facility. The new notes offering is expected to close on June 5, 2015.

We seek Safe Harbor.