July 12, 2016 15:46 ET
CALGARY, ALBERTA--(Marketwired - July 12, 2016) - Mr. Clayton H. Riddell, the Executive Chairman of Paramount Resources Ltd. ("Paramount") (TSX:POU), announced today that yesterday he acquired, through an entity controlled by him, 3,620,000 Class A Common Shares ("Common Shares") of Paramount through market purchases over the Toronto Stock Exchange at an average cost of $12.10 per share. The Common Shares acquired represented 3.4% of the outstanding Common Shares as of that date. Mr. Riddell owned and/or controlled an aggregate of 41,108,701 Common Shares (approximately 38.7% of the outstanding Common Shares) prior to such acquisition. Following such acquisition, Mr. Riddell owns and/or controls an aggregate of 44,728,701 Common Shares (approximately 42.1% of the outstanding Common Shares).
Mr. Riddell acquired the Common Shares for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over securities of Paramount through market purchases, private agreements, or otherwise.
The Common Shares acquired will be subject to the voting support agreement entered into by Mr. Riddell with Seven Generations Energy Ltd. ("7G") in connection with Paramount's proposed sale of certain of its Deep Basin Musreau/Kakwa assets to 7G announced on July 6, 2016.
CLAYTON H. RIDDELL4700, 833 - 3rd Street S.W.Calgary, Alberta T2P 5C5
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