News Release: Paramount Resources Ltd. Completes Private Placement of Flow-Through Shares

CALGARY, ALBERTA - Sept. 21, 2012 /CNW/ - Paramount Resources Ltd. (TSX:POU) ("Paramount") has completed its previously announced private placement of "flow-through" common shares to a corporation controlled by Mr. Clayton H. Riddell, Paramount's Chairman and Chief Executive Officer, for gross proceeds of $55,044,600. The proceeds will be used by Paramount to incur eligible Canadian exploration expenses and eligible Canadian development expenses.

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

Advisory Regarding Forward-Looking Statements

This news release contains a forward-looking statement pertaining to the use of proceeds from the private placement. Although Paramount believes that the expectations reflected in such forward looking statement are reasonable, undue reliance should not be placed on it as Paramount cannot give any assurance that such expectations will prove to be correct. The forward-looking statement in this news release is made as of the date hereof and, except as required by applicable securities law, Paramount undertakes no obligation to update publicly or revise such statement, whether as a result of new information, future events or otherwise.

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),, Paramount Resources Ltd., 4700 Bankers Hall West, 888 3rd Street S.W., Calgary, Alberta T2P 5C5