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Article: Paramount Resources Merges its 50% Oil Sands JV with North American
- Article from:
- CCNMatthews Newswire
- Article date:
- March 30, 2006
CopyrightCopyright 2006 CCNMatthews Newswire. Provided by ProQuest LLC. (Hide copyright information)
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CALGARY, ALBERTA--(CCNMatthews - March 30, 2006) - Paramount
Resources Ltd. ("Paramount") (TSX:POU) and North American Oil Sands
Corporation ("North American") are pleased to announce an agreement
under which Paramount will vend its current 50% interest in a SAGD
oil sands joint venture to North American for common shares of North
American. Paramount continues to hold its 100% interest in its oil
sands leases in the Surmont area of Alberta.
TRANSACTION OVERVIEW
Paramount and North American each currently hold equal joint
venture interests in Alberta oil sands leases in the central
Athabasca areas of Leismer, Corner, Thornbury and Hangingstone. Upon