POU: Alhambra Outperforms; Fox Drilling Sale Closes

研报英文原文证据摘录

POU: Alhambra Outperforms; Fox Drilling Sale Closes

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Michael Harvey, P.Eng. (Analyst)

Braeden Hay, CFA (Senior Associate)

June 30, 2026

Paramount Resources Ltd.

Alhambra Outperforms; Fox Drilling Sale Closes

TSX: POU | CAD 27.38 | Sector Perform | Price Target CAD 35.00

Sentiment: Positive

Paramount announced this morning that its previously announced sale of Fox Drilling to AKITA Drilling has closed, with POU

positioned to receive ~19.3mm voting common shares of AKITA as consideration, representing ~33.5% of now outstanding AKITA

shares. POU's board has declared a special dividend in kind to its shareholders of all AKITA shares received.

POU also announced the successful startup of the second phase of its Alhambra Plant in Willesden Green, which doubles the

designed raw handling capacity of the facility to 20,000 bbl/d of liquids and 100 mmcf/d of natural gas. Volumes have been ramping

through the expanded plant better than expected runtime; POU now expects average sales volumes in H1/26 to exceed the upper

end of prior guidance (43,000 - 46,000 boe/d; 48% liquids).

We view the operations update constructively and expect POU to outperform the group today.

Additional Information:

• The record date for the special dividend will be July 9, 2026 and the payment date will be July 16, 2026.

• A common share as of the record date will receive 0.132 of an AKITA share for each POU share.

• POU has entered into additional WTI Swaps at a price of C$120/bbl covering 2,000 bbl for July to December 2026. The company

now has 7,000 bbl/d of liquids hedged at an average WTI price of C$109.19/bbl for the second half of 2026.

All values in CAD unless otherwise noted.