(Paramount, 3.Sep.2024) — Paramount Resources Ltd. announced that its Board of Directors has declared a cash dividend of $0.15 per common share that will be payable on 27 Sep. 2024 to shareholders of record on 16 Sep. 2024. The dividend will be designated as an eligible dividend for Canadian income tax purposes.
Consistent with its strategy of identifying new opportunities at an early stage and capturing large holdings at a low cost, Paramount has confidentially acquired over a multi-year period approximately 167 sections of wholly-owned Montney rights in the Sinclair area of Alberta at a total cost of approximately $51mn. The Sinclair lands, which are detailed in the included map, are prospective for high-rate gas production from the Montney formation.
Paramount is in the process of licensing its first two horizontal Montney appraisal wells at Sinclair for drilling in the fourth quarter of 2024 with no change to its previously disclosed capital budget.
The company will use the flow test and other data obtained from these wells to continue to advance its development plans for the property, which have included the recent securing of downstream transportation capacity that would enable the first phase of Sinclair production to commence as early as the fourth quarter of 2027.
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