HispanicBusiness

Such forward-looking information is based on a number of assumptions which may prove to be incorrect. The following assumptions have been made, in addition to any other assumptions identified in this document:

--  future oil, gas, NGLs, and bitumen prices and general economic,    business, and market conditions;--  the ability to obtain required capital, through access to capital    markets and other means, to finance  exploration and development    activities and new and expanded facilities;--  the ability to obtain equipment, services, supplies and personnel in a    timely manner and at an acceptable cost to carry out activities;--  the ability to market oil, natural gas, NGLs and bitumen successfully to    current and new customers;--  the ability to secure adequate product processing, fractionation,    transportation and storage;--  the ability of Paramount and its industry partners to obtain drilling    success and production levels consistent with expectations, including    with respect to anticipated reserves additions and NGLs yields;--  the timely receipt of required regulatory approvals;--  expected timelines and budgets being met and anticipated results    achieved, in respect of facilities and infrastructure development;--  anticipated rates of return from existing and planned projects relative    to other opportunities;--  estimates of input and labour costs; and--  currency exchange and interest rates.

Although Paramount believes that the expectations reflected in such forward looking information is reasonable, undue reliance should not be placed on it as Paramount can give no assurance that such expectations will prove to be correct. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Paramount and described in the forward looking information. These risks and uncertainties include, but are not limited to:

--  fluctuations in oil, natural gas, NGLs and bitumen prices and commodity    price differentials;--  fluctuations in foreign currency exchange rates and interest rates;--  the uncertainty of estimates and projections relating to future revenue,    future production, NGLs yields, costs and expenses and the timing    thereof;--  the ability to secure adequate product processing, de-ethanization,    fractionation, transportation and storage;--  uncertainties associated with exploration and  development drilling and    related activities;--  operational risks in exploring for, developing and producing oil,    natural gas, NGLs and bitumen and the timing thereof;--  the ability to obtain equipment, services, supplies and personnel in a    timely manner and at an acceptable cost;--  potential disruptions, unexpected technical difficulties or other    constraints in designing, developing, operating or utilizing new,    expanded or existing facilities, including third-party facilities;--  risks and uncertainties involving the geology of oil and gas deposits;--  the uncertainty of reserves and resource estimates;--  the ability to generate sufficient cash flow from operations and obtain    other sources of financing at an acceptable cost to fund planned    operational, exploration and development activities, including costs of    anticipated new and expanded facilities and other projects, and to meet    current and future obligations;--  the ability to fulfill pipeline transportation, processing, de-    ethanization and fractionation commitments;--  changes to, or in the interpretation or application of, laws,    regulations or policies;--  changes in environmental laws including potential emission reduction    obligations and fracing regulations;--  the receipt, timing, and scope of governmental or regulatory approvals;--  potential title defects affecting Paramount's properties;--  uncertainties regarding aboriginal land claims and co-existing with    local populations and stakeholders;--  the effects of weather;--  the timing and cost of future abandonment and reclamation activities;--  clean-up costs or business interruptions resulting from environmental    damage and contamination;--  the ability to enter into or continue leases;--  existing and potential lawsuits and regulatory actions;--  general economic, business and market conditions;--  industry wide pipeline, processing, de-ethanization and fractionation    constraints; and--  other risks and uncertainties described elsewhere in this document and    in Paramount's other filings with Canadian securities authorities.