CALGARY, AB, Nov. 7, 2024 /CNW/ - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to announce its third quarter 2024 financial and operating results.

HIGHLIGHTS

Third quarter sales volumes averaged 94,892 Boe/d (48% liquids). (1) Grande Prairie Region sales volumes averaged 67,635 Boe/d (50% liquids).  The planned turnaround at the Wapiti natural gas processing plant (the "Wapiti Plant") and related full Wapiti production outage commenced in mid-September, five days earlier than expected.  Prior to the turnaround, Wapiti sales volumes reached over 35,000 Boe/d as two new Montney pads were brought on production.Kaybob Region sales volumes averaged 20,894 Boe/d (41% liquids).Central Alberta and Other Region sales volumes averaged 6,363 Boe/d (53% liquids).5,600 Boe/d of dry natural gas production was shut-in for the quarter due to low natural gas prices.Cash from operating activities was $206 million ($1.40 per basic share) in the third quarter.  Adjusted funds flow was $201 million ($1.37 per basic share).  Free cash flow was ($26) million (($0.18) per basic share). (2)Third quarter capital expenditures totaled $217 million. Significant activities included:Grande Prairie Region (Montney) – eight (8.0 net) wells drilled, nineteen (19.0 net) wells brought on production and the successful completion of the new compressor node at Wapiti that was brought onstream in the third quarter, which will support development of the western portion of the field;Kaybob Region (Duvernay) – three (3.0 net) wells drilled; and