Canadian Warrants

Incorporation:  The company was incorporated under the Business Corporations Act
(Alberta) on Oct. 31, 2006, as 1278517 Alberta Ltd. for the purpose of the spinout.
Fiscal year-end:  Dec. 31

Nature of business:  Completion of the arrangement will result in the creation of the
company, a new oil and natural gas energy company which will own certain of
Paramount's assets in the Mackenzie Delta and Mackenzie Valley areas in northern
Canada.

Transfer agent and registrar:  Computershare Trust Co. of Canada at its principal
offices in Calgary and Toronto.

Dividends:  The company has not paid any dividends since its inception.

Short-term warrants:  The short-term warrants are governed by the terms of a
warrant indenture between the company and Computershare Trust Company of
Canada. The warrant indenture provides for appropriate adjustments to the short-
term warrants in the event of stock dividends, subdivisions, consolidations and
other terms of capital reorganization. Each short-term warrant will entitle the holder
thereof (other than most United States persons) to acquire at the holder's option: (i)
one common share of MGM at a price of $5; or (ii) one common share of MGM
issued on a flow-through basis at a price of $6.25 per share. The short-term
warrants will be exercisable until Feb. 16, 2007. Provided the short-term warrants
are exercised, the holder of a short-term warrant shall also be entitled to receive one
long-term warrant for every short-term warrant exercised. The long-term warrants
are not separable from the corresponding short-term warrants unless the short-
term warrants have been exercised. Prior to separation, the transfer of a short-term
warrant will also constitute the transfer of the accompanying long-term warrant.
Upon the exercise of short-term warrants, a separate certificate representing the
same number of long-term warrants as the number of short-term warrants
exercised will be issued to the holder of long-term warrants. Each long-term warrant
which becomes exercisable will entitle the holder thereof (other than most United
States persons) to acquire, at the holder's option: (i) one common share of MGM at a
price of $6.00; or (ii) one common share of MGM issued on a flow-through basis at a
price of $7.50. The long-term warrants expire on Sept. 30, 2007.

There is currently no market for the long-term warrants. The listing of the long-term
warrants will depend on a sufficient number of short-term warrants being exercised,
resulting in a sufficient number of holders of long-term warrants to satisfy the
distribution requirements of the TSX relating to the minimum number of holders of
long-term warrants.

There is no assurance that the long-term warrants will be listed, and if they are
listed, there may be a period of time between the time a holder's short-term
warrants are exercised and the long-term warrants become listed.

See elsewhere in today's TSX bulletins with respect to the distribution to
shareholders of Paramount.  

MGM Energy to list 14,194,141 warrants on March 2

2007-02-28 20:27 ET - Warrants Called to Trade
TSX bulletin 2007-0279
Further to Toronto Stock Exchange bulletin 2007-0062, a total of 14,194,141
common share purchase warrants of MGM Energy Corp. will be listed and posted
for trading at the open on March 2, 2007, under the following trading information:
Warrant symbol:  MGX.WT.B
Warrant Cusip No.:  59318A 11 8
Designated market-maker:  W.D. Latimer Co. Ltd.
Other markets:  None
The warrants were issued in connection with the exercise of short-term warrants of
the company that were exercisable until Feb. 16, 2007. Provided the short-term
warrants were exercised, the holder became entitled to receive one warrant. The
short-term warrants of the company were issued pursuant to the completion of a
plan of arrangement involving Paramount Resources Ltd., the company and the
shareholders of Paramount. Each warrant entitles the holder to purchase one
additional common share of the company at a price of $6 per share or one common
share of the company to be issued on a flow-through basis at a price of $7.50 per
share, at any time prior to 4:30 p.m. (Calgary time) on Sept. 30, 2007.
The warrants will be governed by the terms of a warrant indenture, as may be
amended, between the company and Computershare Trust Co. of Canada. The
warrant indenture provides for appropriate adjustments to the warrants in the event
of stock dividends, subdivisions, consolidations and other forms of capital
reorganization