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Contrarian alert: CFO buys as Paramount Resources stumbles on news

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INK Canadian Insider index member Paramount Resources is up about 19 per cent since we featured it here on Oct. 8. However, the stock tumbled on July 7 after announcing a deal to acquire Apache Canada for $459.5-million plus certain adjustments. Paramount also said it would merge with Trilogy Energy. In typical insider contrarian fashion, chief financial officer Bernard Lee bought on weakness. He picked up 10,000 shares on July 10 at $17.97. Paramount is the top-ranked stock in the July INK Top 30 Energy Report.

Disclaimer:

Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.

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Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.

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