05:26 PM EST, 12/18/2024 (MT Newswires) -- Paramount Resources ( PRMRF ) after close Wednesday announced a $15.00 per share special distribution to shareholders, as it follow through on promises to distribute some proceeds of its $3.33-billion sale of Western Canadian oil and gas properties to Ovintiv (OVV.TO).

The special distribution, to be made once the sale closes, likely by the end of March, is expected to be made up of a return of capital to shareholders in the amount of $12.00 per share and a special dividend in the amount of $3.00 per share. Along with the distribution, the said it plans to maintain its monthly dividend at $0.15 until the property sale closes, but expects to lower the payout to $0.05 following that.

Based on the number of share outstanding, the special distribution will total about $2.2 billion.

Paramount also said it expects to spend between $760 million and $790 million on capital projects next year. It expects production, likely to stand at 30,000 barrel of oil equivalent per day following the close of the lands sale, to average between 37,500 boepd to 42,500 boepd.

The company's shares closed down $0.40 to $29.46 on the Toronto Stock Exchange.