Profound Energy Inc.
TSX : PFX

Profound Energy Inc.

April 15, 2009 08:00 ET

Profound Energy Inc. Announces Completion of Private Placement

CALGARY, ALBERTA--(Marketwire - April 15, 2009) - Profound Energy Inc. (TSX:PFX) ("Profound") announces that it has closed it previously announced private placement of special warrants ("Special Warrants") of Profound (the "Private Placement") to Paramount Energy Trust ("Paramount"). Pursuant to the Private Placement, Paramount purchased 9,224,310 Special Warrants at a price of $0.75 per Special Warrant for total subscription proceeds of approximately $6.9 million. Under the terms of the Special Warrants the subscription proceeds will be held in trust until such time as the Special Warrants are converted into common shares of the Profound on a one-for-one basis.

Profound Energy Inc. is a junior oil and natural gas company based in Calgary, Alberta. Profound's common shares are listed on the TSX 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