This press release is being issued pursuant to section 5.2 of National Instrument 62-104 -Take-Over Bids and Issuer Bids.

CALGARY, AB, Dec. 2, 2021 /CNW/ - Treherne Resources Ltd., a company over which James H. T. Riddell ("J. Riddell") exercises voting control or direction, has today converted $25 million principal amount of 7.5% senior unsecured convertible debentures ("Debentures") of Paramount Resources Ltd. ("Paramount") to acquire 3,750,375 class A common shares of Paramount ("Common Shares") at a conversion price of $6.666 per share.  J. Riddell is the Chairman and President and Chief Executive Officer of Paramount.

The 3,750,375 Common Shares acquired on the conversion of the Debentures represent 2.67% of the 140,696,376 outstanding Common Shares following the conversion.  Prior to the conversion, J. Riddell owned, or controlled or directed, 32,077,511 Common Shares and 310,282 vested options to acquire Common Shares, representing approximately 23.60% of the then issued and outstanding Common Shares assuming the exercise of such options.  Following conversion, J. Riddell owns, controls or directs, 35,827,886 Common Shares and 310,282 vested options, representing approximately 25.63% of the issued and outstanding Common Shares assuming the exercise of such options.  Following the conversion, J. Riddell does not own, or control or direct, any Debentures.

The Common Shares were acquired for investment purposes. Depending on the evolution of Paramount's business, financial condition, the market, if any, for Paramount's securities, general economic conditions and other factors, J. Riddell may acquire additional Paramount securities, or sell Paramount securities he owns, controls or directs, in the open market, by private agreement or otherwise, subject to market conditions and other relevant factors. 

For inquiries or a copy of the related early warning report in respect of Paramount, a copy of which is filed on www.sedar.com, please contact:

James H. T. Riddell
c/o Paramount Resources Ltd.
Suite 2800, 421 - 7th Avenue S.W.
Calgary, Alberta  T2P 4K9

SOURCE James H. T. Riddell

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