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THE UNITED STATES/
CALGARY, Dec. 17, 2012 /CNW/ - Paramount Resources Ltd. ("Paramount") is
pleased to announce that its wholly-owned subsidiary Cavalier Energy
Inc. ("Cavalier") filed a regulatory application for the Hoole Grand
Rapids Project ("Hoole Project") with the Energy Resources Conservation
Board and Alberta Environment and Sustainable Resource Development, in
November 2012. The Hoole Project comprises a 10,000 barrel per day
in-situ SAGD oil sands development. Subject to receipt of regulatory
approval, the current Hoole Project schedule anticipates first steam in
2015 and the first full year of production in 2016. "The Hoole Project
presents a great platform from which to grow Cavalier into a
significant oil sands production company," stated William Roach,
President and Chief Executive Officer of Cavalier.
Further to the submission of the regulatory application, Cavalier
expects to receive a reserves report for the Hoole Project from its
independent engineering evaluators in the first quarter of 2013. "This
is a major step forward for Paramount and the Cavalier team," said Jim
Riddell, President and Chief Operating Officer of Paramount. "This is
Paramount's first operated, strategic investment in the oil sands, and
we look forward to the Cavalier team creating significant shareholder
value at Hoole."
More information pertaining to Cavalier, including its latest corporate
presentation, is available at the newly launched Cavalier website, www.cavalierenergy.com and may also be accessed via the Paramount website www.paramountres.com.
Advisory Regarding Forward-Looking Statements: This news release contains forward-looking statements pertaining to the
regulatory approval for the Hoole Project, the timing of first steam at
and production from the Hoole Project, expected production volumes from
the Hoole Project and the reserves report of the independent third
party engineering evaluator for Cavalier. Although Paramount believes
that the expectations reflected in such forward looking statements are
reasonable, undue reliance should not be placed on them as Paramount
cannot give any assurance that such expectations will prove to be
correct. The forward-looking statements in this news release are made
as of the date hereof and, except as required by applicable securities
law, Paramount undertakes no obligation to update publicly or revise
such statements, whether as a result of new information, future events
or otherwise. Paramount is a Canadian oil and natural gas exploration,
development and production company with operations focused in Western
Canada. Paramount's Class A Common Shares are listed on the Toronto
Stock Exchange under the symbol "POU".
SOURCE: Paramount Resources
For further information:
For further information on the Hoole Project specifically, or Cavalier in general, please go to www.cavalierenergy.com or contact William Roach, President & Chief Executive Officer, Cavalier Energy Inc. at 403.268.3940.
For further information regarding Paramount please contact J.H.T. (Jim) Riddell, President and Chief Operating Officer at 403.290.3600.