Profound Energy Inc.
TSX : PFX

Profound Energy Inc.

June 01, 2009 16:21 ET

Profound Energy Inc. Announces Extension of Offer to Acquire by Paramount Energy Trust

CALGARY, ALBERTA--(Marketwire - June 1, 2009) - Profound Energy Inc. (TSX:PFX) ("Profound") announces that Paramount Energy Trust ("PET") has, by way of notice of extension, extended the expiry date of PET's offer (the "Offer"), through its wholly-owned indirect subsidiary 1463072 Alberta Ltd., to acquire all of the issued and outstanding common shares of Profound (the "Profound Shares"), from 8:00 a.m. (Calgary time) on June 1, 2009 to 8:00 a.m. (Calgary time) on June 15, 2009. As at 8:00 a.m. (Calgary time) on June 1, 2009, approximately 53% of the Profound Shares, including Profound Shares issuable on the exercise of in-the money stock options, had been tendered to the Offer.

In a directors' circular mailed to the shareholders of Profound concurrently with the mailing by PET of the take-over bid circular and Offer, the Board of Directors of Profound recommends that shareholders tender their Profound Shares to the Offer. In order to tender their Profound Shares, Profound shareholders must deposit the certificates representing their Profound Shares along with a duly executed letter of transmittal and election form to the depositary under the Offer following the procedures as described in the take-over bid circular and Offer, the directors' circular and the notice of extension, which have been filed with Canadian securities regulatory authorities and are available at www.sedar.com. Shareholders whose Profound Shares are registered in the name of a nominee should contact their broker, investment dealer, bank, trust company or other nominee for assistance in depositing their Profound Shares to the Offer. Shareholders of Profound and other investors are urged to review and consider the take-over bid circular and Offer, the directors' circular and the notice of extension and act accordingly. 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.

Profound Energy Inc. is a junior oil and natural gas company based in Calgary, Alberta. The Profound 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 TSX 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