Mr. J.H.T. Riddell reports

PARAMOUNT RESOURCES LTD. PROVIDES PRODUCTION AND WILDFIRE UPDATE

Paramount Resources Ltd. has restored the majority of production that had been temporarily curtailed as a result of the Alberta wildfires. The company has fully resumed operations in the Grande Prairie region. Approximately 14,000 barrels of oil equivalent per day of production in the Kaybob region is currently shut in, with all but 5,000 boe/d expected to be on production within a week. The remaining 5,000 boe/d will be restored as facilities and fields are able to be brought back on line, which is expected to occur within a month. There has been no significant damage or loss to material owned or third party infrastructure.

Paramount estimates that the wildfires resulted in the curtailment of approximately 38,000 boe/d of production on average in the period from May 5 to May 28. Paramount will provide updated production guidance when it is reasonably able to quantify the ultimate impact of the wildfires.

Paramount remains grateful to its personnel and industry partners and all emergency responders and firefighters for their extraordinary efforts in responding to the wildfires.

About Paramount Resources Ltd.

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 predevelopment 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.

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