Paramount Resources Ltd. Completes U.S.$125 Million Notes Offering

CALGARY, ALBERTA - Jun 29, 2004 /CNW/ - Paramount
Resources Ltd. has closed its U.S.$125 million offering of 8 7/8%
Senior Notes due 2014. Proceeds from the notes offering are
expected to be used to fund Paramount's previously announced
acquisition of oil and natural gas assets in the Kaybob and Fort
Liard areas, which is expected to close tomorrow.

The underwriters for the offering were UBS Investment Bank,
Harris Nesbitt, CIBC World Markets and Scotia Capital.

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)