Paramount Resources reports the last fiscal year as being one of

active in its history. Participation was taken in a total of 69 wells, resulting in 50 gas wells, six oil wells and 13 dry holes.

Most of the wells, a total of 49, were drilled in northeastern Alberta. Seven were drilled in British Columbia, two in the Cameron Hills area of the Northwest Territories, one in Saskatchewan and the remainder scattered throughout Alberta.

The company’s natural gas reserves, including both proven and probable, have been increased by 10.5% to 135.1 billion cu ft. The remaining oil reserves have been boosted to 336,000 bbl from 170,000.

An increase in the capacity of the Liege gas plant by 40 million cu ft per day has brought the company’s total operated capacity in northeastern Alberta to just under 100 million cu ft per day. Gas sales increased dramatically last year to a record 7.45 billion cu ft.

As the result of purchasing 4,462,952 common shares at a total cost of $3.5 milllion, Paramount now owns 75.72% of Grosmount Resources.