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Paramount Resources Ltd. Declaration of Voting Results & Voting Rights Announcements 2023

May 4, 2023

43230_rns_2023-05-03_cc5444ab-4a1b-4ce2-83cc-c2a84ac29e68.pdf

Declaration of Voting Results & Voting Rights Announcements

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PARAMOUNT RESOURCES LTD.

Calgary, Alberta

May 3, 2023

PARAMOUNT RESOURCES LTD. ANNOUNCES ANNUAL GENERAL MEETING RESULTS

CALGARY, Alberta – Paramount Resources Ltd. (the "Company") (TSX:POU) announces that the following seven director nominees were elected at today’s annual general meeting of shareholders:

VOTES FOR VOTES WITHHELD
Number Percent (%) Number Percent (%)
James Riddell 107,985,057 96.40% 4,031,853 3.60%
James Bell 110,641,545 98.77% 1,375,365 1.23%
Wilfred Gobert 110,867,147 98.97% 1,149,763 1.03%
Dirk Jungé 105,620,527 94.29% 6,396,383 5.71%
Kim Lynch Proctor 110,925,373 99.03% 1,091,537 0.97%
Keith MacLeod 110,938,230 99.04% 1,078,680 0.96%
Susan Riddell Rose 102,390,237 91.41% 9,626,673 8.59%

In addition, the re-appointment of Ernst & Young LLP, Chartered Professional Accountants, as auditors of the Company was approved with 113,937,686 (98.80%) of the votes cast for and 1,379,538 (1.20%) votes withheld.

ABOUT PARAMOUNT

Paramount is an independent, publicly traded, liquids-rich natural gas focused 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, and holds a portfolio of investments in other entities. 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".

For further information, please contact:

Paramount Resources Ltd.

J.H.T. (Jim) Riddell, President and Chief Executive Officer and Chairman Paul R. Kinvig, Chief Financial Officer Rodrigo (Rod) Sousa, Executive Vice President, Corporate Development and Planning www.paramountres.com Phone: (403) 290-3600