Paramount provides updated Independent Estimate of Its Hoole Oil Sands Resources- Economic Contingent Resources Increase 20% to 763 Million Barrels (Best Estimate)

Paramount Resources Ltd. has received an updated evaluation of its 100 percent-owned in-situ oil sands leases covering approximately 56 contiguous sections in the Hoole area of Alberta, situated within the western portion of the Athabasca Oil Sands region (the "Hoole Oil Sands Properties"). This update was undertaken to include the results of Paramount's 15 well 2010/2011 winter delineation drilling program, which increased the mapped thickness of the reservoir in some areas, confirmed the continuous nature of the reservoir and extended the boundaries of the exploitable reservoir.

The updated evaluation was conducted by the Company's independent reserves evaluator, McDaniel & Associates Consultants Ltd. ("McDaniel"), who estimate that the Hoole Oil Sands Properties contain approximately 763 million barrels of economic contingent bitumen resources within the Grand Rapids formation (Best Estimate (P50)), an increase of 20 percent from McDaniel's prior evaluation effective April 30, 2010. Potentially exploitable bitumen accumulations within other prospective formations in the Hoole Oil Sands Properties were not included in McDaniel's evaluation.

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