Paramount Resources Ltd. Completes U.S. Notes Offering


OCTOBER 27, 2003 - 13:30 ET

Paramount Resources Ltd. Completes U.S. Notes Offering

CALGARY, ALBERTA--Paramount Resources Ltd. announced today that
it has closed its U.S.$175 million offering of 7 7/8% Senior
Notes due 2010. Proceeds from the offering will be used to repay
senior bank debt.

UBS Investment Bank acted as the sole book-running manager and
CIBC World Markets, Harris Nesbitt and Scotia Capital acted as
the co-managers for the offering.

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)