Profound Energy Inc.

Profound Energy Inc.

January 30, 2008 16:42 ET

Profound Energy Inc. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2008) - Profound Energy Inc. ("Profound") (TSX:PFX) announced today that the Toronto Stock Exchange has accepted its Notice to Make a Normal Course Issuer Bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 1,245,131 of its 24,902,616 currently issued and outstanding common shares (being no greater than 5% of the issued and outstanding common shares) on the open market through the facilities of the Toronto Stock Exchange. The price that Profound will pay for any shares purchased by it will be the prevailing market price of such shares on the Toronto Stock Exchange at the time of such purchase. Common shares acquired under the Bid will be cancelled.

The Bid will commence on February 1, 2008 and will terminate on January 31, 2009 or such earlier time as the Bid is completed or terminated at the option of Profound. The daily limit on purchases under the Bid is 13,049 common shares, based on 25% of Profound's average daily trading volume for the prior six months of 52,195 common shares.

Profound believes that the acquisition of its common shares represents an appropriate use of funds as the market price of its common shares represents a discount to the fair value of such shares. The purchase of common shares will increase the proportionate interest of, and be advantageous to, all remaining shareholders. In addition, the purchases by Profound may increase liquidity to Profound's shareholders wishing to sell their common shares.

Contact Information

  • Profound Energy Inc.
    Evelyn Burnett
    Vice President Finance and Chief Financial Officer
    (403) 513-1388