Why Paramount Resources Shares Are Surging Today - Paramount Resources (OTC:PRMRF)

Paramount Resources Ltd POU PRMRF first-quarter sales volumes averaged 82,137 Boe/d (45% liquids), in-line with expectations.
The company‘s cash from operating activities was C$175 million (C$1.25 per basic share) in the quarter.
Adjusted funds flow was C$238 million (C$1.70 per basic share), and Free cash flow was C$103 million (C$0.74 per basic share.
In late April, Paramount acquired Duvernay lands and production directly offsetting its existing 61,000 net acre position in the Willesden Green area of Alberta for ~C$40 million in cash before adjustments. The acquisition is accretive on all key metrics.
Dividend: The board approved a 25% increase in the company's regular monthly dividend from C$0.08 to C$0.10 per common share, payable on May 31, 2022, to shareholders of record on May 16, 2022.
FY22 Outlook: Paramount Resources' revised planned 2022 capital expenditures upwards by C$20 million to C$520 million - C$560 million.
Paramount reaffirmed its 2022 annual average sales volume guidance of 91,000 Boe/d - 95,000 Boe/d (46% liquids).
It increased its free cash flow forecast from ~C$590 million to ~C$710 million to reflect higher commodity price assumptions and its updated capital expenditure plan.
Price Action: POU shares are trading higher by 11.53% at C$35.68 on TSX, and PRMRF is higher by 11.03% at $27.88 on the last check Wednesday.