Paramount Resources Ltd. (POU) has declared a cash dividend of $0.15 per common share, payable on September 27, 2024, to shareholders of record on September 16, 2024. This dividend is designated as an “eligible dividend” for Canadian income tax purposes.
In line with its strategic focus on early-stage opportunities, Paramount has quietly acquired approximately 167 sections of wholly-owned Montney rights in the Sinclair area of Alberta over several years, at a total cost of roughly $51 million. These lands, which are prospective for high-rate gas production from the Montney formation, are detailed in a map included with the announcement.
Paramount is currently in the process of licensing its first two horizontal Montney appraisal wells at Sinclair for drilling in the fourth quarter of 2024. Notably, this activity will not impact the company’s previously disclosed capital budget. The data acquired from these wells will be crucial for advancing the company’s development plans for the Sinclair property, which include securing downstream transportation capacity to enable the first phase of production as early as the fourth quarter of 2027.
Paramount is an independent, publicly traded, liquids-rich natural gas focused Canadian energy company. It engages in exploring and developing both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The company also holds a portfolio of investments in other entities. Its 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.”
The company’s monthly dividend program is subject to future changes based on factors such as free cash flow, operating results, capital requirements, financial position, market conditions, corporate strategy, and compliance with debt agreements and relevant laws. There is no guarantee of continuing dividend declarations or payments, nor of the amount or timing of any such dividends.
