07:25 AM EDT, 09/22/2025 (MT Newswires) -- Paramount Resources ( PRMRF ) said Monday that it has sold 18.5 million shares of NuVista Energy ( NUVSF ) through a private agreement, expecting to receive $296 million in proceeds.

Paramount said it sold the share at $16 per NuVista share. Closing is expected Oct. 1.

Following the transaction, Paramount's stake in NuVista will be reduced to 6.55% from 16.05%.

Paramount said it may sell or acquire shares in NuVista depending on the latter's financial conditions and overall market environment.

Meanwhile, Paramount said its sales volumes for July and August averaged approximately 33,800 barrels of oil equivalent per day, based on preliminary field estimates.

Paramount traded 1.7% lower on to $20.25 per share on the TSX Friday.