Paramount Resources Ltd. Announces Terms of U.S. Notes Offering



OCTOBER 23, 2003 - 11:08 ET

Paramount Resources Ltd. Announces Terms of U.S. Notes

CALGARY, ALBERTA--Paramount Resources Ltd. announced that it has
agreed to sell U.S.$175 million of 7 7/8% Senior Notes due 2010
to a group of underwriters for public offering in the United
States. The offering is expected to close on October 27, 2003.
Proceeds from the offering will be used to repay senior bank

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

This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification,
under the securities laws of any such state.

A copy of the prospectus relating to the offering can be obtained
from Paramount at Suite 4700, 888 - 3rd Street S.W., Calgary,
Alberta, T2P 5C5, Attention: B.K. Lee, Chief Financial Officer.

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)