11:52 AM EDT, 09/03/2024 (MT Newswires) -- Paramount Resources ( PRMRF ) said Tuesday it agreed to acquire 167 sections of Montney rights in the Sinclair area of Alberta for $51 million.

The company said the Sinclair lands are prospective for high-rate gas production from the Montney formation.

Paramount said it is in the process of licensing its first two horizontal Montney appraisal wells at Sinclair for drilling in the fourth quarter. The company plans to begin the first phase of Sinclair production as early as the fourth quarter of 2027.

Meanwhile, Paramount said it will pay a cash dividend of $0.15 per share on Sept. 27 to shareholders of record on Sept. 16.

The company's shares were last seen down $0.96 to $26.27 on the Toronto Stock Exchange.

Price: 26.77, Change: -0.96, Percent Change: -3.46