Profound Energy Inc.
TSX : PFX

Profound Energy Inc.

April 27, 2009 18:30 ET

Profound Energy Inc. Announces Commencement of Take-Over Bid by Paramount Energy Trust and Renewal of Credit Facility

CALGARY, ALBERTA--(Marketwire - April 27, 2009) - Profound Energy Inc. (TSX:PFX) ("Profound") announces that on Friday, April 24, 2009 Paramount Energy Trust ("PET" or the "Trust") mailed a take-over bid circular and offer to shareholders of Profound, in connection with the previously announced offer to purchase the common shares of Profound by PET. The take-over bid expires at 8:00 a.m. (Calgary time) on June 1, 2009, unless withdrawn or extended, and is being made by 1463072 Alberta Ltd., an indirect wholly-owned subsidiary of PET.

The Board of Directors of Profound prepared a directors' circular with respect to PET's offer recommending that shareholders tender their common shares to the offer, which was mailed to the shareholders of Profound concurrently with the mailing of the take-over bid circular and offer. Both the take-over bid circular and offer and the directors' circular have been filed with Canadian securities regulatory authorities.

Shareholders of Profound and other investors are urged to read the take-over bid circular and the related directors' circular. These documents, as well as any amendments and supplements to them and any other relevant document filed or to be filed with Canadian securities regulatory authorities contain important information.

In addition, Profound announces that it has amended its credit facility. Under the terms of the amended credit facility, the principal amount available is Cdn. $62,000,000. The term of the credit facility has been extended until May 30, 2010, subject to semi-annual borrowing base re-determination.

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

  • Profound Energy Inc.
    William T. Davis
    President & Chief Executive Officer
    (403) 237-6102
    (403) 237-6103 (FAX)
    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