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PARAMOUNT RESOURCES LTD. SIGNS CONDITIONAL AGREEMENT TO PURCHASE ADDITIONAL WORKING INTEREST IN PROPERTIES

 CALGARY, Alberta, April 19 /PRNewswire/ -- Paramount Resources Ltd. (Toronto, Calgary: POU) has signed a conditional agreement to purchase additional working interest in four producing, and seven non-producing Paramount-operated gas properties plus working interests in seven non-operated properties concentrated in Northeastern Alberta. The agreement involves the acquisition of 4-17 percent working interest in 130 gas wells, (70 producing and 60 shut-in), plus 29,000 net acres and various equity interests in eight gas plants.
 The reserves associated with the producing Paramount-operated properties are estimated to be 15-17 BCF of gas. Paramount anticipates the purchase will add 7 million cubic feet per day of gas to 1993 production. Closing is expected prior to April 30, 1993. This acquisition supports Paramount's ongoing effort to increase net production with the company's core shallow gas producing region.
 -0- 4/19/93
 /CONTACT: Clay Riddell, president, or Dave Monachello, VP-Exploration, of Paramount Resources, 403-266-2047/
 (POU.)


CO: Paramount Resources Ltd. ST: Alberta IN: OIL SU: TNM

JB-JL -- LA024 -- 7549 04/19/93 15:46 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
Words:168
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