Paramount Resources Announces Closing of Fox Drilling Sale, Distribution of AKITA Drilling Shares and Successful Startup of Alhambra Expansion

About this update from Paramount Resources Ltd. Class A

CALGARY, AB, June 30, 2026 /CNW/ - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to announce that it has closed the sale of its Fox Drilling subsidiary to AKITA Drilling Ltd. ("AKITA"). The Company is also pleased to announce that it has successfully started up the second phase expansion of its Alhambra Plant in Willesden Green. FOX DRILLING SALE AND AKITA SHARE DISTRIBUTION Paramount received 19,264,270 voting common shares of AKITA ("AKITA Shares") as consideration for the sale of its Fox Drilling subsidiary (the "Transaction"), representing approximately 33.5% of the now outstanding AKITA Shares.  Paramount's board of directors has declared a special dividend in kind to its shareholders of all of the AKITA Shares received by it pursuant to the Transaction. The record date for the dividend will be July 9, 2026 and the payment date will be July 16, 2026. Holders of Paramount class A common shares as of the record date will receive 0.132 of an AKITA Share for each Paramount share, subject to final adjustment based on the number of Paramount shares outstanding on the record date. Any entitlement of a registered Paramount shareholder to a fraction of an AKITA Share equal to or greater than 0.5 will be rounded up to the nearest whole AKITA Share and any entitlement to a fraction of an AKITA Share less than 0.5 will be rounded down to the nearest whole AKITA Share with no further consideration payable.  The dividend will be designated as an "eligible dividend" for Canadian income tax purposes. Paramount shareholders who are not residents of Canada for the purposes of the Income Tax Act (Canada) will be subject to Canadian withholding tax under Part XIII of the Income Tax Act (Canada) at a rate of 25%, subject to reduction under the provisions of an applicable tax treaty between Canada and the shareholder's country of residence, and will receive their AKITA Shares net of any such withholding. For the purpose of calculating Canadian non-resident withholding tax for registered shareholders, each AKITA Share distributed will be valued at the closing trading price of the AKITA Shares on July 15, 2026. All other non-resident shareholders are encouraged to contact their broker or other intermediary for information regarding the tax treatment of the dividend and any applicable taxes in their jurisdiction of residence. The for...

View stock analysis, news, and events for Paramount Resources Ltd. Class A