Paramount Resources Ltd. closes disposition, special dividend and updated guidance
January 11, 2023
375.00 Million CAD
On January 11, 2023, Paramount Resources Ltd. ("Paramount") completed a transaction with Crescent Point Energy Corp. for the sale of Paramount’s Kaybob Smoky and Kaybob South Duvernay properties and certain other minor interests in the Kaybob Region (the "Assets") for cash consideration of C$375 million prior to adjustments. The Assets include approximately 114 gross (101 net) sections of land, with 7.2 MMBoe of proved developed producing reserves, 40.2 MMBoe of proved reserves and 63.9 MMBoe of proved plus probable reserves based on Paramount’s December 31, 2021 reserves report.(1) The Assets also include the Smoky 6-16 gas plant and other infrastructure related to the Assets.
Paramount Resources Ltd. is a Canadian petroleum company headquartered in Calgary, Alberta.
McCarthy Tétrault advised Paramount with a team led by Brian Bidyk that included Kerri Howard, Ashley Urch (Business), Michael Caldecott and Dominic Thérien (Competition).