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Paramount gets OK for $1.9 bln asset sale to Seven Generations

Paramount Resources Ltd (TSX: POU) has received shareholder and regulatory approvals for its previously announced sale of Alberta-based oil and gas properties to Seven Generations Energy Ltd (TSX: VII). The deal, valued at $1.9 billion, is expected to close this week. Calgary-based Seven Generations is focused on the acquisition and development of tight-rock, natural gas resource plays. It is a portfolio company of Canada Pension Plan Investment Board.

PRESS RELEASE

Paramount Resources Ltd. obtains shareholder and regulatory approvals for its Musreau / Kakwa asset sale to Seven Generations Energy Ltd.

CALGARY, Aug. 15, 2016 /CNW/ – Paramount Resources Ltd. (TSX:POU) (“Paramount” or the “Company”) announced today that it has received shareholder approval and all necessary regulatory approvals for its previously announced Musreau / Kakwa asset sale to Seven Generations Energy Ltd. (the “Sale Transaction”). The Sale Transaction is expected to be completed on August 18, 2016; however, completion of the transaction remains subject to the satisfaction or waiver of the other closing conditions for the Sale Transaction.

Paramount’s shareholders overwhelmingly supported the Sale Transaction, with more than 99% of the votes cast by shareholders at the shareholder meeting held earlier today being in favour of the Sale Transaction.

About Paramount

Paramount is an independent, publicly traded, Canadian corporation that explores for and develops conventional petroleum and natural gas prospects, pursues longer-term non-conventional exploration and pre-development projects and holds investments in other entities. The Company’s properties are primarily located in Alberta and British Columbia. Paramount’s class A common shares are listed on the Toronto Stock Exchange under the symbol “POU”.

Photo courtesy of Seven Generations Energy Ltd