Paramount Resources Ltd. Announces Approval Of Normal Course Issuer Bid



MAY 14, 2003 - 09:37 EST

Paramount Resources Ltd. Announces Approval Of Normal
Course Issuer Bid

CALGARY, ALBERTA--Paramount Resources Ltd. ("Paramount")
announces that it has obtained approval to acquire its common
shares through a Normal Course Issuer Bid on the Toronto Stock
Exchange commencing May 15, 2003, and ending May 14, 2004.

The total number of shares that may be acquired is 3,008,430
shares, representing 5 percent of the 60,168,600 outstanding
common shares. Shares will be acquired at market prices from time
to time. Upon acquisition the shares will be cancelled.

Further particulars on the Normal Course Issuer Bid may be
obtained from the Company free of charge.

In the opinion of the Company's Board of Directors, the Company's
common shares are, from time to time, undervalued by the market,
and the cost of the shares would be an expense prudently incurred
by the Company. The Company has not purchased any of its common
shares in the past 12 months.

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".

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.


For further information: Paramount Resources Ltd., J.H.T. Riddell, President, (403) 290-3600, (403) 262-7994 (FAX)