Mr. James Riddell reports

PARAMOUNT RESOURCES ANNOUNCES CLOSING OF SALE OF NUVISTA ENERGY LTD. SHARES AND OCTOBER DIVIDEND

Paramount Resources Ltd. has closed its previously announced sale of 18.5 million common shares of NuVista Energy Ltd. The company received aggregate cash proceeds of $296-million from the sale.

Paramount's board of directors has declared a cash dividend of five cents per common share that will be payable on Oct. 31, 2025, to shareholders of record on Oct. 15, 2025. 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.