CALGARY, AB, Jan. 11, 2023 Paramount Resources Ltd. (ʺParamountʺ or the ʺCompanyʺ) ( TSX: POU ) is pleased to announce the closing of the disposition of its Kaybob Smoky and Kaybob South Duvernay properties and a special dividend of $1.00 per class A common share (ʺCommon Shareʺ). The Company is also pleased to provide preliminary estimates of its fourth quarter production and annual 2022 capital expenditures and updates to its 2023 guidance, preliminary 2024 guidance and five-year outlook. CLOSING OF DISPOSITION Paramount has closed the previously announced disposition of its Kaybob Smoky and Kaybob South Duvernay properties and certain other minor interests in the Kaybob Region (the “Disposition”) for cash proceeds of approximately $370 million after adjustments. The Company has applied a portion of this amount to repay all remaining drawings under its revolving credit facility. SPECIAL DIVIDEND Paramount’s Board of Directors has declared a special cash dividend of $1.00 per Common Share that will be payable on January 25, 2023 to shareholders of record on January 18, 2023. This dividend will be designated as an “eligible dividend” for Canadian income tax purposes. FOURTH QUARTER PRODUCTION AND 2022 ANNUAL CAPITAL EXPENDITURES Despite production challenges in December due to extremely […]
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