Paramount Resources Ltd. has attracted a lot of attention from Canada’s deepest pockets.
On Tuesday the company came back to the market with a $104-million equity offering, and in no time it was upsized to $156-million. That follows a flow-through share financing late last month that was increased to a total deal size of $63-million.
Despite the rocky market, investors have been willing to trust the company. Much of that comes from Paramount’s quality management team, led by Clay Riddell, who is chairman and chief executive officer.
Paramount is also considered to be one of the quality energy companies with a lot of buzz, among the likes of Celtic Exploration and Progress Energy Resources Corp. Paramount is up 10 per cent year-to-date, Celtic is up 45 per cent, and Progress is up 17 per cent.
While these companies are all considered to be solid, keep in mind that oil has also come back in the past few weeks. After plummeting to around $76 per barrel, it’s now back up to $93.
BMO Nesbitt Burns led the offering.