22 slides from Paramount Resources Ltd. Class A's investor presentation, May 2026
Slide 1: Corporate Presentation
Corporate Presentation May 2026
Slide 2: Advisories
Advisories • In the interest of providing information regarding Paramount Resources Ltd. ("Paramount", "PRL" or the "Company") and its future plans and operations, this presentation contains certain forward-looking information and statements. The projections, estimates and forecasts contained in suc
Slide 3: Corporate Overview
Corporate Overview Paramount has significant land positions in several prolific unconventional resource plays in Canada • Founded in 1976 (IPO’d in 1978) Market Snapshot (TSX-POU) Guidance Summary (2) 2026F • Significant insider ownership (~47%) (1) Shares Outstanding (MM) 145.5 Sales Volumes (Boe/d
Slide 4: Strong Financial Position to Advance Production Growth
Strong Financial Position to Advance Production Growth Growing production back to over 100,000 Boe/d by the end of 2027 Production Outlook (Boe/d) Paramount Phase one of Phase two of Sinclair Plant onstream 4Q27 closes sale of Alhambra Alhambra ~71,000 Boe/d on Plant onstream Plant onstream 100,000+
Slide 5: Shareholder Returns
Shareholder Returns Paramount has provided >$3.2 billion in shareholder returns since the start of 2021 • Paramount’s priorities continue to be the maintenance of a strong balance sheet and the delivery of attractive shareholder returns through a combination of: Shareholder Returns ($MM) • Investmen
Slide 6: Reserves
Reserves (1) Substantial 2025 reserves growth, post Grande Prairie Disposition, driven by Willesden Green and Sinclair developments Reserves Growth Reserve Life Index (2) Reserves Replacement Ratio (2) (Years) Volumes PDP 2.4x 4.5 95 MMBoe ∆% TP 5.2x 15.2 MMBoe 130 46 MMBoe PDP 59 (+46%) P+P 21.7x 3
Slide 7: Inventory-Rich Opportunity Set
Inventory-Rich Opportunity Set Paramount is allocating capital to its highest risk-adjusted rate of return opportunities while maintaining a strong balance sheet Potential Plateau Production - Current Stage of Development • Core strategy: Developments (Boe/d) • Early identification and low-cost reso
Slide 8: Willesden Green Duvernay Overview
Willesden Green Duvernay Overview Paramount now expects the Willesden Green asset can sustain a plateau production level of ~70,000 Boe/d for 20+ years • Large, contiguous Duvernay land position (over 500 net sections) • Ability, with additional area infrastructure, to grow production at Willesden G
Slide 9: Willesden Green Duvernay Overview
Willesden Green Duvernay Overview The second phase expansion of the Alhambra Plant is expected to come onstream in June 2026 • The Alhambra Plant is being built in three equal phases of 10,000 Bbl/d / 50 MMcf/d, providing total raw processing capacity of 30,000 Bbl/d of liquids and 150 MMcf/d of nat
Slide 10: Sinclair Montney Development
Sinclair Montney Development Development activities commenced in early 2026 including breaking ground on the site of the Sinclair Plant Montney Lands 2027 Montney Activity • Large, contiguous Montney land position, recently expanded to over 220 net sections • The Sinclair natural gas play is a high-
Slide 11: Kaybob North Duvernay Overview
Kaybob North Duvernay Overview Filling existing facility capacity with high-netback Duvernay production Duvernay Lands 2027 Duvernay Activity Kaybob North Duvernay 2026 Duvernay Activity 2025 Duvernay Activity Duvernay Hz Well • Paramount has brought onstream a total of 32 (32.0 net) Duvernay wells
Slide 12: Northeast Alberta Heavy Oil Asset Overview
Northeast Alberta Heavy Oil Asset Overview Paramount controls significant lands prospective for cold flow heavy oil and in-situ thermal recovery Northeast Alberta - Clearwater / Bluesky & Thermal Heavy Oil • 1.3 million net acres of lands prospective for cold flow heavy oil Paramount (1) Baytex Obsi
Slide 13: Northeast British Columbia Asset Overview
Northeast British Columbia Asset Overview Liard and Horn River basins are prolific natural gas development opportunities – prospective feedstock for west coast LNG Liard: • 50% operated interest (Woodside partner) Northeast BC – Liard and Horn River Basins • 195,000 net acres of Besa River rights LI
Slide 14: Strategic / Long-Term Investments and Risk Management
Strategic / Long-Term Investments and Risk Management Paramount holds investments in a number of public and private entities Summary of Investments & Other Assets Fox Drilling Sultran Investments in Public and Private Companies (1) ~$140 million • Paramount has agreed to sell its Fox Drilling Paramo
Slide 15: Environmental, Social and Governance ("ESG")
Environmental, Social and Governance ("ESG") Paramount takes pride in responsibly delivering value to all stakeholders Environmental Social • The use of bi-fuel drilling rigs and completions • Fosters a safety conscious culture with written equipment reduce diesel consumption policies and procedures
Slide 16: Paramount Investment Attributes
Paramount Investment Attributes Paramount offers a unique investment proposition • 48 year history of responsible energy development and environmental stewardship • Expected production growth from ~48,000 Boe/d in Q1/26 to >100,000 Boe/d by the end of 2027 • Well capitalized to advance growth with a
Slide 17: Advisories
Paramount resources Itd. Advisories
Slide 18: Advisories
Advisories Forward-Looking Information Certain statements in this presentation constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "
Slide 19: Advisories
Advisories Specified Financial Measures Non-GAAP Financial Measures Netback and F&D capital are non-GAAP financial measures. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures presented by other issuers. These measures should not be cons
Slide 20: Advisories
Advisories Recycle ratio is calculated by dividing the netback (a non-GAAP financial measure) per Boe from sales volumes, other than those associated with the assets sold in the Grande Prairie Disposition, for the period by the F&D costs for the period. The composition of recycle ratio has changed f
Slide 21: Advisories
Advisories Reserves Data 2025 reserves data set forth in this document is based upon an evaluation of the Company’s reserves prepared by McDaniel & Associates Consultants Ltd. ("McDaniel") dated March 2, 2026 and effective December 31, 2025 (the "McDaniel Report"). The reserves referenced in this do
Slide 22: Paramount Resources Ltd.
Paramount Resources Ltd. 4700 – 888 3rd Street S.W. Calgary, Alberta Canada T2P 5C5 Telephone: 403.290.3600 www.paramountres.com