CALGARY – Paramount Resources Ltd. has signed a deal to sell its stake in its Fox Drilling subsidiary to Akita Drilling Ltd.
Under the agreement, Akita will pay nearly 19.3 million voting common shares for the operations that Paramount plans to distribute to its shareholders.
Akita has also said it will eliminate its dual-class share structure.
Paramount shareholders are expected to receive 0.1324 of an Akita share for each Paramount share they hold. Once the transaction is complete, they are expected to hold about a third of the outstanding Akita shares.
The Fox assets include six triple drilling rigs that are used to drill company wells and are also available for contracting to third parties.
Paramount said it will sign an agreement with Akita on closing of the transaction to utilize the Fox rigs or equivalent rigs for a total of 2,700 days in the three-year period following closing.
This report by The Canadian Press was first published April 27, 2026.
Companies in this story: (TSX:POU, TSX:AKT.B, TSX:AKT.A)
