Paramount Resources Ltd. to Redeem Approximately US$85.5 Million of Its Outstanding Senior Notes

CALGARY, ALBERTA - Nov. 30, 2004 /CNW/ - Paramount Resources
Ltd. (TSX:POU) announces that it will redeem on December 30, 2004
US$41,744,000 aggregate principal amount of its 7 7/8% senior notes due
2010 and US$43,750,000 aggregate principal amount of its 8 7/8% senior
notes due 2014. The redemption price is US$1,078.75 per US$1,000
principal amount of the 7 7/8% senior notes and US$1,088.75 per US$1,000
principal amount of the 8 7/8% senior notes plus, in each case, accrued
and unpaid interest on the amount being redeemed to the redemption date.
The amount being redeemed represents approximately 29% of the US$300
million aggregate principal amount of senior notes currently outstanding.

Both the 7 7/8% senior notes (CUSIP number 699320AA5) and the 8 7/8%
senior notes (CUSIP number 699320AB3) are held in book-entry form only.
The redemption price for the notes will be credited to the accounts of
beneficial holders of the notes through their individual brokers.
Beneficial holders may contact their individual brokers for additional
information about the payments.

The indentures governing the notes permit Paramount to redeem up to 35%
of the aggregate principal amount of each series of notes outstanding
with the net proceeds of equity offerings completed by Paramount. The
redemptions are being made pursuant to the rights arising from
Paramount's recent equity offerings.

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"

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., C.H. (Clay) Riddell, Chairman and Chief Executive Officer, (403) 290-3600, (403) 262-7994 (FAX)