Profound Energy Inc.
TSX : PFX

Profound Energy Inc.

April 07, 2009 08:00 ET

Profound Energy Inc. Announces That ARC Funds Have Filed Submissions to Toronto Stock Exchange

CALGARY, ALBERTA--(Marketwire - April 7, 2009) - Profound Energy Inc. (TSX:PFX) ("Profound") announces that it has been notified by the Toronto Stock Exchange (the "TSX") that ARC Energy Venture Fund 4 and ARC Energy Fund 5 (collectively, the "ARC Funds"), who together exercise control or direction over an aggregate of 11,522,149 common shares of Profound, which represents 30.3% of the total issued and outstanding common shares (including common shares issuable on exercise of outstanding options) have filed submissions with the TSX with respect to the proposed private placement of special warrants of Profound (the "Private Placement") to Paramount Energy Trust ("Paramount") and the adoption of a shareholder rights plan (the "Rights Plan") by Profound.

The ARC Funds have requested that the TSX not accept Profound's application for the listing of the common shares issuable on conversion of the special warrants under the Private Placement or, alternatively, should the TSX come to the conclusion that it is not willing or able to exercise its discretion to not accept Profound's application for the listing of common shares issuable on the conversion of the special warrants, to require Profound to receive securityholder approval of the Private Placement as a condition of acceptance. In addition, the ARC Funds have requested that the TSX not consent to the adoption of the Rights Plan.

Both Profound and Paramount disagree with the submissions of the ARC Funds and Profound has filed, and Paramount intends to file, responses to the submissions with the TSX.

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
    (403) 237-6102
    (403) 237-6103 (FAX)
    Website: www.profoundenergy.ca