Paramount Resources Ltd. Advises of Dividend Record Time and Dividend Payment Ratio



FEBRUARY 12, 2003 - 09:00 EST

Paramount Resources Ltd. Advises of Dividend Record Time
and Dividend Payment Ratio

CALGARY, ALBERTA--Paramount Resources Ltd. ("PRL") (TSX : POU)
advises that the record time for the determination of the holders
of PRL common shares entitled to receive trust units (the "Trust
Units") of Paramount Energy Trust ("PET") pursuant to the
dividend previously declared by the board of directors of PRL
(the "Dividend") occurred at 4:30 p.m. (Calgary time) on February
11, 2003 (the "Dividend Record Time").  Payment of the Trust
Units pursuant to the Dividend will occur on February 12, 2003. 
The Dividend will be paid on the basis of one Trust Unit for
every 6.071646 PRL common shares held at the Dividend Record
Time. No fractional Trust Units will be issued pursuant to the
payment of the Dividend.  The number of Trust Units to be
distributed to each PRL shareholder will be rounded down to the
next lowest whole number of Trust Units.

In the view of PRL the fair market value of each Trust Unit paid
pursuant to the Dividend is Cdn.$5.15. PRL will prepare T5
information slips for its shareholders in respect of the Dividend
based on this value, however it is not binding on the Canada
Customs and Revenue Agency.  It is recommended that shareholders
of PRL consult their own tax advisors in order to determine the
tax consequences of the payment of the Dividend to them.

The Dividend was declared after PET received all regulatory
clearances with respect to its final prospectus in Canada and its
registration statement in the United States. The final prospectus
and registration statement qualify and register (i) the Trust
Units to be paid pursuant to the Dividend, (ii) rights to
purchase further Trust Units, such rights to be issued by PET to
unitholders after the payment of the Dividend, and (iii) the
Trust Units issuable upon the exercise of the rights.

BMO Nesbitt Burns Inc., CIBC World Markets Inc. and FirstEnergy
Capital Corp. are acting as financial advisors to PRL with
respect to the foregoing transactions, and have agreed to act as
dealer managers in Canada under the rights offering.

This press 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.  The securities to
be offered under the registration statement are in connection
with a distribution by both PET (the issuer of the securities)
and PRL (a security holder of a portion of the securities).  A
written prospectus relating to this distribution may be obtained


In Canada:                           In the United States:

BMO Nesbitt Burns Inc.               BMO Nesbitt Burns Corp.
Shane Fildes                         Bill Schneider 
1400, 421 - 7 Avenue SW              700 Louisiana Street, Suite 4425
Calgary, Alberta  T2P 4K9            Houston, Texas  77002
(403)  515-1500                      (713) 223-4400

CIBC World Markets Inc.              CIBC World Markets Corp.
Brian Heald                          David Ash 
9th Floor, Bankers Hall East         1600 Smith Street, Suite 3100
855 - 2 Street SW                    Houston, Texas 77002
Calgary, Alberta  T2P 4J7            (713) 650-2000
(403) 260-0500

FirstEnergy Capital Corp.            FirstEnergy Capital (USA) Corp.
John Chambers                        James Davidson 
1600, 333 - 7 Avenue S.W.            1600, 333 - 7 Avenue SW 
Calgary, Alberta T2P 2Z1             Calgary, Alberta  T2P 2Z1
(403) 262-0600                       (403) 262-0600


In addition, persons resident in Canada can view a copy of the
Canadian final prospectus at the SEDAR website at
and persons resident in the United States can view a copy of the
U.S. registration statement at the EDGAR website which can be
located through .

PRL is a Canadian oil and natural gas exploration, development
and production company with operations focussed in Western
Canada.  PRL'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., Clayton (Clay) H. Riddell, Chairman and CEO, (403) 290-3600, Paramount Resources Ltd., James (Jim) H. T. Riddell, President, (403) 290-3600