Paramount Resources Ltd.: News Release



OCTOBER 1, 2003 - 18:30 ET

Paramount Resources Ltd.: News Release

CALGARY, ALBERTA--Paramount Resources Ltd. announces that is has
filed a preliminary prospectus with the Alberta Securities
Commission and a registration statement with the U.S. Securities
and Exchange Commission for a proposed public offering in the
United States of U.S. $150 million of unsecured seven-year senior
notes. The proceeds from the issuance of the notes will be used
to repay senior bank debt and for general corporate purposes. The
final terms of the notes and the price at which they will be sold
will be determined after the requisite clearances are obtained
from the applicable Canadian and U.S. securities regulatory

A registration statement relating to the securities has been
filed with the U.S. Securities and Exchange Commission, but has
not yet become effective. The securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective. This news release shall not
constitute an offer to sell or the solicitation of an offer to
buy the securities described above, nor shall there be any sale
of the 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.

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)