CALGARY, May 1, 2017 /CNW/ – Paramount Resources Ltd. (TSX:POU) (“Paramount” or the “Company”) is pleased to announce that it has agreed to sell its oil and gas properties in the Valhalla area of Alberta (the “Assets”) for cash consideration of approximately $150 million, subject to customary post-closing adjustments.
The Assets encompass approximately 94 (74 net) sections of land and had estimated sales volumes of approximately 1,400 Boe/d for the three-month period ended March 31, 2017.
Closing of the transaction is expected to occur in May 2017, and is subject to the purchaser receiving the approval of the Alberta Energy Regulator for the transfer to it of the Assets. The purchase price has been deposited with Paramount’s legal counsel and will be released upon satisfaction of this condition.
Paramount is an independent, publicly traded, Canadian energy company that explores and develops unconventional and conventional petroleum and natural gas prospects, including long-term unconventional exploration and pre-development projects, and holds a portfolio of investments in other entities. The Company’s principal properties are primarily located in Alberta and British Columbia. Paramount’s Class A common shares are listed on the Toronto Stock Exchange under the symbol “POU”.