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PARAMOUNT RESOURCES LTD. REPORTS FIRST QUARTER RESULTS

 CALGARY, May 31 /PRNewswire/ -- Paramount Resources Ltd. today reported the following first quarter results (all amounts reported in Canadian dollars):
 Three months to 3/31/93 Year Ago
 Revenue $13,109,233 $ 7,497,174
 Cash Flow 7,394,101 3,174,036
 Net Income 1,844,679 (222,227)
 Cash Flow/Share 0.51 0.22
 Net Income/Share 0.13 (0.22)
 During the first three months Paramount sold a record 100.6 MMcf/d of natural gas, generated cash flow ($7.3 million) unsurpassed by any first quarter, completed a successful development and exploration program (31 wells, 87 percent success rate) and made a $7.0 million property acquisition.
 Cash flow for the first quarter of 1993 is $7.39 million (51 cents per share), over twice the $3.17 million (22 cents per share) recorded in 1992. Gas sales during the first quarter were at a record 100.6 MMcf/d up some 14 MMcf/d over the equivalent 1992 period. Gas prices averaged $1.61/Mcf for the quarter, a 57 percent increase over one year ago.
 COMPARATIVES: Natural Gas Sales
 Three Months Ended March 31 1993 1992
 Gas Revenue ($ million) 14.6 8.0
 Gas Sales (BCF) 9.1 7.9
 Average Daily Sales (MMcf/d) 100.6 86.6
 Average Gas Price per Mcf 1.61 1.02
 During the first quarter Paramount participated in 31 (24.7 net) wells resulting in an 87 percent success ratio, generating 18.1 net gas wells, 2 net gas and oil, 1 net oil well and 3.6 net dry holes.
 At five company-operated core producing gas properties additional working interest was acquired effective Feb. 1. The property purchase involved varying working interests ranging between 5 percent to 17 percent in approximately 130 gas wells, some 29,000 net acres and various equity interests in eight gas plants. Gas produced from Paramount-operated fields attributable to this transaction during 1992 was 7.2 MMcf/d. The property was acquired in consideration of $7.0 million plus adjustments to be financed through cash flow.
 COMPARATIVES: Common Shares (A)
 Three Months Ended March 31 1993 1992
 High ($/share) 15.33 7.33
 Low ($/share) 10.40 5.20
 Volume Shares Traded (000's) 476 170
 Value Shares Traded ($ million) 6.2 1.2
 (A) Listed on The Toronto Stock Exchange with the symbol "POU".
 -0- 5/31/93
 /CONTACT: C.H. Riddell or D.A. Monachello of Paramount Resources Ltd., 403-266-2047/
 (POU.)


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

SM -- NY006 -- 3709 05/31/93 14:50 EDT
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Date:May 31, 1993
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