Clayton H. Riddell Acquires 2,087,779 Class A Common Shares of Paramount Resources Ltd.

CALGARY, Aug. 2, 2016 /CNW/ - Mr. Clayton H. Riddell, the Executive Chairman of Paramount Resources Ltd. ("Paramount") (TSX:POU), announced today that he acquired on July 26, 2016, personally and through an entity controlled by him, an aggregate of 2,087,779 Class A Common Shares ("Common Shares") of Paramount from a third party at a cost of $11.83 per share.  The Common Shares acquired represented 1.96% of the outstanding Common Shares as of that date.  Mr. Riddell owned and/or controlled an aggregate of 44,918,701 Common Shares (approximately 42.27% of the outstanding Common Shares) prior to such acquisition (inclusive of 190,000 Common Shares acquired by entities over which Mr. Riddell exercises control and/or direction on July 25, 2016).  Following such acquisition, Mr. Riddell owns and/or controls an aggregate of 47,006,480 Common Shares (approximately 44.24% of the outstanding Common Shares).

Mr. Riddell acquired the Common Shares for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over securities of Paramount through market purchases, private agreements, or otherwise.

SOURCE Clayton H. Riddell

For further information: CLAYTON H. RIDDELL, 4700, 833 - 3rd Street S.W., Calgary, Alberta T2P 5C5

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