Paramount Resources Ltd.

Paramount Resources Ltd.

March 28, 2005 15:14 ET

Paramount's Securityholders Approve Trust Spinout Transaction


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PARAMOUNT RESOURCES LTD.

TSX SYMBOL: POU

MARCH 28, 2005 - 15:14 ET

Paramount's Securityholders Approve Trust Spinout
Transaction

CALGARY, ALBERTA--(CCNMatthews - March 28, 2005) - Paramount Resources
Ltd. (TSX:POU) announces that at the special meeting of its shareholders
and optionholders held this morning its shareholders and optionholders
overwhelmingly approved the arrangement under the Business Corporations
Act (Alberta) pursuant to which Paramount's previously announced trust
spinout transaction is to be effected. Shareholders and optionholders
voted 99.9 percent in favour of the arrangement and the arrangement also
received the majority of the minority approval required.

Paramount's application to the Court of Queen's Bench for approval of
the arrangement is scheduled for March 29, 2005. If court approval is
obtained, the trust spinout is scheduled to be completed on April 1,
2005.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Paramount Resources Ltd.
    C.H. (Clay) Riddell
    Chairman and Chief Executive Officer
    (403) 290-3600
    (403) 262-7994 (FAX)
    or
    Paramount Resources Ltd.
    J.H.T. (Jim) Riddell
    President and Chief Operating Officer
    (403) 290-3600
    (403) 262-7994 (FAX)
    or
    Paramount Resources Ltd.
    B.K. (Bernie) Lee
    Chief Financial Officer
    (403) 290-3600
    (403) 262-7994 (FAX)
    or
    Paramount Resources Ltd.
    4700 Bankers Hall West
    888 3rd Street SW
    Calgary, Alberta T2P 5C5