CALGARY, Sept. 12, 2017 /CNW/ - Paramount Resources Ltd.
(TSX: POU) ("Paramount") and Trilogy Energy Corp. (TSX: TET)
("Trilogy") are pleased to announce that the previously announced
merger of Paramount and Trilogy has been completed. Under the
merger, Paramount has acquired all of the outstanding Trilogy
shares not already owned by it in exchange for Paramount shares, on
the basis of one Paramount share for every 3.75 Trilogy shares. As
a result, Trilogy expects that its shares will be delisted from the
Toronto Stock Exchange at the close of business on or about
September 15, 2017. Trilogy's
name will be changed to Paramount Resources (TEC) Ltd.
today.
"The merger, along with the recently completed acquisition of
Apache Canada Ltd. by Paramount, will make Paramount a well-funded
intermediate exploration & production company with significant
land positions in the best resource plays in the basin" said
Clayton Riddell, the Executive
Chairman of Paramount and Trilogy. Mr. Riddell also said that
"Paramount will be managed by a team of professionals who are
second to none and who will work to ensure Paramount prospers
regardless of commodity prices."
ABOUT PARAMOUNT
Paramount is an independent, publicly traded, Canadian energy
company that explores and develops unconventional and conventional
petroleum and natural gas prospects, including long-term
unconventional exploration and pre-development projects, and holds
a portfolio of investments in other entities. Paramount's principal
properties are primarily 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
B.K. (Bernie) Lee, Chief Financial
Officer
Phone: (403) 290-3600
Fax: (403) 262-7994
ABOUT TRILOGY
Trilogy is a petroleum and natural gas-focused Canadian energy
corporation that actively develops, produces and sells natural gas,
crude oil and natural gas liquids. Trilogy's geographically
concentrated assets are primarily high working interest properties
that provide abundant low-risk infill drilling opportunities and
good access to infrastructure and processing facilities, many of
which are operated and controlled by Trilogy. Trilogy's
common shares are listed on the Toronto Stock Exchange under the
symbol "TET".
For further information, please contact:
J.H.T. (Jim) Riddell, Chief
Executive Officer
J.B. (John) Williams, President and
Chief Operating Officer
M.G. (Mike) Kohut, Chief Financial
Officer
Trilogy Energy Corp.
#1400, 332 – 6th Avenue S.W.
Calgary, Alberta T2P 0B2
Phone: (403) 290-2900
Fax: (403) 263-8915
SOURCE Paramount Resources Ltd.