Mr. James Riddell reports

PARAMOUNT RESOURCES LTD. ANNOUNCES APPOINTMENT OF DIRECTOR AND JUNE DIVIDEND

Paramount Resources Ltd. has appointed Jill McAuley of Calgary, Alta., to its board of directors. Ms. McAuley has 19 years of operational and technical experience in the oil and natural gas sector, including senior executive responsibility for corporate strategy, asset development, reservoir management, marketing and forecasting. She was a founder and senior vice-president of Deltastream Energy Corp. from 2014 until its successful sale in 2022. From 2004 to 2014, Ms. McAuley was an exploitation engineer with an intermediate exploration and production company. Ms. McAuley is a professional engineer and holds a bachelor of science in biological and chemical engineering from the University of British Columbia.

The company is also pleased to announce that the board has declared a cash dividend of 12.5 cents per common share that will be payable on June 30, 2023, to shareholders of record on June 15, 2023. The dividend will be designated as an eligible dividend for Canadian income tax purposes.

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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