Paramount Energy Trust
TSX : PMT.DB
PINK SHEETS : PMGYF
TSX : PMT.UN
TSX : PMT.DB.A
TSX : PMT.DB.B
TSX : PMT.DB.C

Paramount Energy Trust

July 14, 2009 13:56 ET

Paramount Energy Trust Increases Ownership of Profound Energy Inc. to 68.36% and Closes Takeover Bid

CALGARY, ALBERTA--(Marketwire - July 14, 2009) - Paramount Energy Trust ("PET" or the "Trust") (TSX:PMT.UN) and Profound Energy Inc. today confirmed that approximately 477,940 additional common shares ("Common Shares") of Profound Energy Inc. ("Profound") have been tendered to, and taken up in accordance with, the previously announced offer (the "Offer") of 1463072 Alberta Ltd. (the "Offeror"), an indirect wholly-owned subsidiary of PET, to acquire all of the Common Shares, including Common Shares which become outstanding upon exercise or conversion of stock options, performance warrants and other securities of Profound convertible into Common Shares. The Offer has now expired and as a result of the aforementioned take-up of Common Shares PET now owns, directly or indirectly, approximately 32,217,296 Common Shares representing approximately 68.36% of Profound's issued and outstanding shares.

PET is a natural gas-focused Canadian energy trust. PET's Trust Units and convertible debentures are listed on the Toronto Stock Exchange under the symbol "PMT.UN" and "PMT.DB", "PMT.DB.A", "PMT.DB.B" and "PMT.DB.C", respectively. Further information with respect to PET can be found at its website at www.paramountenergy.com.

Profound Energy Inc. is a junior oil and natural gas company based in Calgary, Alberta. Profound's common shares are listed on the Toronto Stock Exchange under the symbol "PFX". Further information with respect to Profound can be found at its website at www.profoundenergy.ca.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • Paramount Energy Trust
    Susan L. Riddell Rose
    President and Chief Executive Officer
    (403) 269-4400
    (403) 269-4444 (FAX)
    or
    Paramount Energy Trust
    Cameron R. Sebastian
    Vice President, Finance and Chief Financial Officer
    (403) 269-4400
    (403) 269-4444 (FAX)
    or
    Paramount Energy Trust
    Sue M. Showers
    Investor Relations and Communications Advisor
    (403) 269-4400
    (403) 269-4444 (FAX)
    or
    Paramount Energy Operating Corp.,
    Administrator of Paramount Energy Trust
    Suite 3200, 605 - 5 Avenue SW Calgary, Alberta, T2P 3H5
    Email: info@paramountenergy.com
    Website: www.paramountenergy.com
    or
    Profound Energy Inc.
    Evelyn Burnett
    Chief Financial Officer
    (403) 237-6102
    (403) 237-6103 (FAX)
    or
    Profound Energy Inc.
    Suite 380, 435 - 4th Avenue SW
    Calgary, Alberta, Canada T2P 3A8
    Website: www.profoundenergy.ca