Canadian Warrants

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

MGM Energy to list on TSX on Jan. 17

2007-01-15 18:55 ET - New Listing
TSX bulletin 2007-0062
An application has been granted for the original listing in the oil and gas category of
51,461,494 common shares, of which 2,832,567 common shares are issued and
outstanding, and 48,628,927 common shares are reserved for issuance.

An application has also been granted for the listing of 14,089,945 common share
purchase warrants all of which are issued and outstanding.

The common shares and short-term warrants will be listed and posted for trading at
the open on Wednesday, Jan. 17, 2007, pursuant to the completion of a plan of
arrangement involving Paramount Resources Ltd., the company and the
shareholders of Paramount, as described in the information circular of Paramount
dated Dec. 8, 2006.

Common share symbol:  MGX
Common share Cusip No.:  59318A 10 0
Common share trading currency:  Canadian dollars
Short-term warrant symbol:  MGX.WT.A
Short-term warrant Cusip No.:  59318A 20 9
Short-term warrant trading currency:  Canadian dollars
Designated market-maker:  W.D. Latimer Co. Ltd.

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.