Parmount Resources Completes Offering

On October 27, 2003, Paramount Resources Ltd. completed an offering in the US of an aggregate principal amount of US$175 million 7 7/8 per cent senior notes due in 2010. UBS Investment Bank was lead manager for the offering. Prior to the closing of the offering, which also closed on October 27, Paramount entered into a $277 million credit facility with a syndicate of lenders led by Bank of Montreal.

For the offering, Paramount was represented in Canada by in-house counsel Charles Morin; and by Macleod Dixon LLP, with a team that included Kevin Johnson, Kent Kufeldt, Marcus Archer and Chris Wolfenberg (securities), Richard Borden (banking), Deidre Derworiz (environmental) and Ed Heakes (tax); and in the US by Torys LLP, with a team that included Andrew Beck, Dan Miller and David Hellmuth (securities), Jeff Gracer (environmental) and Pam Petree (tax).

For the offering, the underwriters were represented in Canada by Osler, Hoskin & Harcourt LLP, with a team that included Stan Magidson, Robert Lando, Pierre Magnan and Andrea Whyte (securities), Laurie Barrett and Sherri Fountain (lending) and Don Watkins (tax); and in the US by Cahill, Gordon & Reindel LLP in New York, with a team that included Richard Farley, Corey Wright, Joe Lucosky and Gus Coritsidis (securities), Robert Hallman (environmental) and Howard Adams (tax).

For the credit facility, Paramount was represented by Gowling Lafleur Henderson LLP, with a team that included Rick Myers and Gary Rose; the lenders were represented by Burnet, Duckworth & Palmer LLP, with a team that included Cal Johnson and Kathy Pybus; and UBS AG Canada Branch was represented by Osler, Hoskin & Harcourt, with a team that included Laurie Barrett and Sherri Fountain.