Paramount Resources Announces Completion of Distribution of AKITA Drilling Shares

Paramount Resources Announces Completion of Distribution of AKITA Drilling Shares

This press release is being issued pursuant to section 5.2 of National Instrument 62-104 -Take-Over Bids and Issuer Bids.  

CALGARY, AB, July 16, 2026 /CNW/ --  Paramount Resources Ltd. ("Paramount") (TSX:POU) has completed the previously announced dividend in kind to its shareholders of 19,264,270 common shares of AKITA Drilling Ltd. ("AKITA Shares").  Paramount no longer owns or controls any AKITA Shares.

About Paramount

Paramount is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays.  The Company's principal properties are located in Alberta and British Columbia.  Paramount's class A common shares are listed on the Toronto Stock Exchange under the symbol "POU".

Early Warning Information

An early warning report respecting the distribution has been filed by Paramount and is available atwww.sedarplus.caor by contacting Paramount.  A summary of certain of the information contained in the early warning report is provided below.

The head office of Paramount is4700, 888 – 3^rd Street S.W., Calgary, Alberta T2P 5C5 and the head office of AKITA Drilling Ltd.("AKITA") is 1000, 333 - 7 Avenue S.W., Calgary, Alberta T2P 2Z1. 

Paramount had beneficial ownership and control over the AKITA Shares distributed, whichrepresented approximately 33.5% of the outstanding AKITA Shares.  Paramount acquired the AKITA Shares distributed on June 30, 2026 as consideration for the sale of its Fox Drilling subsidiary to AKITA. Paramount acquired the AKITA Shares with the intention of distributing them to its shareholders, which it has now done.  Paramount has no further plans or future intentions related to AKITA or securities of AKITA.

SOURCE Paramount Resources Ltd.