Paramount Resources Ltd. — AGM Information 2020

Apr 1, 2020

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Security Class

Holder Account Number

Form of Proxy - Annual General Meeting to be held on Thursday, May 7, 2020

This Form of Proxy is solicited by and on behalf of Management of Paramount Resources Ltd. (the "Corporation" or "Paramount") Notes:

1. Every holder (the "Shareholder") of Class A Common Shares of Paramount has the right to appoint some other person or company of their choice, who need not be a Shareholder, to attend and act on their behalf at the meeting or any adjournment(s) or postponement(s) thereof. If you wish to appoint a person or company other than the Management Appointees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).

2. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you must sign this proxy with signing capacity stated, and you may be required to provide documentation evidencing your power to sign this proxy.

3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.

4. If this proxy is not dated, it will be deemed to bear the date on which it is mailed to the Shareholder.

5. The securities represented by this proxy will be voted as directed by the Shareholder, however, if such a direction is not made in respect of any matter, this proxy will be voted as recommended by Management.

6. The securities represented by this proxy will be voted in favour or withheld from voting or voted against each of the matters described herein, as applicable, in accordance with the instructions of the Shareholder, on any ballot that may be called for and, if the Shareholder has specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.

7. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting or other matters that may properly come before the meeting or any adjournment(s) or postponement(s) thereof.

8. This proxy should be read in conjunction with the accompanying information circular of Paramount (the " Information Circular ") and any other materials provided by Management.

Proxies submitted must be received by 10:30 am, Mountain Time, on Tuesday, May 5, 2020 or 48 hours prior to the date of the adjourned or postponed meeting (excluding Saturdays, Sundays, and holidays). VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK!

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To Vote Using the Telephone
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To Vote Using the Internet
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To Receive Documents Electronically
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• Call the number listed BELOW from a touch tone telephone.

• Call the number listed BELOW from a touch tone • Go to the following web site: • You can enroll to receive future securityholder telephone. www.investorvote.com communications electronically by visiting • Smartphone? www.investorcentre.com and clicking at the bottom of

• 1-866-732-VOTE (8683) Toll Free Scan the QR code to vote now. the page.

If you vote by telephone or the Internet, DO NOT mail back this proxy.

Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. Voting by mail or by Internet are the only methods by which a holder may appoint a person as proxyholder other than the Management Appointees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy.

To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below.

CONTROL NUMBER

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Appointment of Proxyholder

I/We being holder(s) of Class A Common Shares of Paramount Resources OR Print the name of the person you are Ltd. hereby appoint: James H.T. Riddell , of Calgary, Alberta, or failing this appointing if this person is someone person, Paul R. Kinvig , of Calgary, Alberta, (" Management Appointees ") other than the Management Appointees listed herein.

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as my/our proxyholder with full power of substitution and to attend, act and to vote for and my/our behalf in accordance with the following directions (or if no directions have been given, as the proxyholder sees fit) and with respect to all other matters that may properly come before the Annual General Meeting of shareholders of Paramount to be held at the Corporation’s offices at 2800, 421 – 7th Avenue S.W., Calgary, Alberta, on Thursday, May 7, 2020 at 10:30 am (Mountain Time) or at any adjournment(s) or postponement(s) thereof.

VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.

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1.Election of Directors	For	Withhold		For	Withhold		For	Withhold
01. James Riddell			02. James Bell			03. Wilfred Gobert
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04. John Gorman			05. Dirk Jungé			06. Robert MacDonald
07. Keith MacLeod			08. Susan Riddell Rose
							For	Withhold

2. Appointment of Auditors

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Reappointment of Ernst & Young LLP, Chartered Professional Accountants , as auditors of the Corporation for the ensuing year.

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Authorized Signature(s) - This section must be completed for your instructions to be executed.

I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the meeting. If no voting instructions are indicated above, this Proxy will be voted as recommended by Management.

Signature(s)

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Date

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Interim Financial Statements - Mark this box if you would like to receive Interim Financial Statements and accompanying Management’s Discussion and Analysis by mail.

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Annual Financial Statements - Mark this box if you would NOT like to receive the Annual Financial Statements and accompanying Management’s Discussion and Analysis by mail.

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If you are not mailing back your proxy, you may advise us whether you wish to receive the above financial report(s) online at www.computershare.com/mailinglist.

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P O U Q

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