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

CALGARY, ALBERTA - Oct. 15, 2004 /CNW/ - Paramount Resources
Ltd. has completed its previously announced private placement of
2,000,000 common shares issued on a "flow-through" basis at $29.50 per
share. 980,000 of the flow-through shares were sold through a syndicate
of Canadian investment dealers co-led by FirstEnergy Capital Corp., BMO
Nesbitt Burns Inc., Canaccord Capital Corporation and GMP Securities
Ltd. The other 1,020,000 flow-through shares were sold directly by
Paramount to persons connected to Paramount, including directors,
officers and employees.

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)