Article: Paramount Resources Merges its 50% Oil Sands JV with North American

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

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