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Cavalier Energy Inc. is a wholly-owned subsidiary of Paramount Resources Ltd.  As at December 31, 2020, Cavalier Energy owned approximately 1.354 million gross (1.307 million net) acres of land located primarily in the Athabasca and Peace River regions of Alberta, 45,000 gross (45,000 net) acres of which are due to expire in 2021.  Cavalier’s lands are prospective for in-situ thermal oil recovery and heavy oil but are at the early stages of their development.