Paramount Resources Ltd. Completes Previously Announced Flow-Through Share Offerings Totaling Approximately $60 Million

CALGARY, ALBERTA - Oct. 16, 2013 /CNW/ - Paramount Resources Ltd. (TSX:POU) ("Paramount") has completed its previously announced public offering of 1,115,000 Class A Common Shares of Paramount issued on a "flow-through" basis in respect of Canadian exploration expenses ("FTS") at a price of $44.00 per FTS for gross proceeds of $49,060,000. The FTS were sold through a syndicate of underwriters co-led by RBC Capital Markets, BMO Capital Markets and Peters & Co. Limited.

Paramount has also completed its previously announced non-brokered private placement of FTS at a price of $44.00 per FTS to Clayton H. Riddell and James H. T. Riddell and/or companies controlled by them for gross proceeds of approximately $10 million as well as to certain other directors, officers and employees of Paramount and other persons for gross proceeds of approximately $1 million.

Paramount is a Canadian oil and natural gas exploration, development and production company with operations focused in Western Canada. Paramount's Class A Common Shares are listed on the Toronto Stock Exchange under the symbol "POU".

For further information: Paramount Resources Ltd., J.H.T. (Jim) Riddell, President and Chief Operating Officer, (403) 290-3600 / Paramount Resources Ltd., B.K. (Bernie) Lee, Chief Financial Officer, (403) 290-3600, (403) 262-7994 (FAX),