Paramount Resources closes Fox Drilling sale, declares AKITA share dividend, and starts Alhambra expansion

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Paramount Resources has closed the sale of its Fox Drilling subsidiary to AKITA Drilling and declared a special in-kind dividend of all 19,264,270 AKITA shares received, representing approximately 33.5% of AKITA's now outstanding shares. The record date for the dividend is July 9, 2026, with payment on July 16, 2026, entitling Paramount class A common shareholders to 0.132 of an AKITA share per Paramount share, subject to final adjustment. The company also successfully started up the second phase of its Alhambra Plant in Willesden Green in early June, doubling designed raw handling capacity to 20,000 barrels per day of liquids and 100 million cubic feet per day of natural gas. As a result, Paramount expects average sales volumes in the first half of 2026 to exceed the upper end of previous guidance. Additionally, Paramount entered into an additional 2,000 barrels per day of NYMEX WTI swaps at a price of C$120.00 per barrel for the second half of 2026, bringing total hedged liquids to 7,000 barrels per day at an average WTI price of C$109.19 per barrel for that period.

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Off-coverage companies 2

Paramount Resources Ltd.Private▲ Positive
Capitalrelevance

Closed Fox Drilling sale, declared special AKITA share dividend, and started Alhambra expansion boosting production guidance.

AKITA Drilling Ltd.Private▲ Positive
Capitalrelevance

Acquired Fox Drilling subsidiary from Paramount, receiving shares and becoming a larger entity.

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