Profound Energy Inc.
TSX : PFX

Profound Energy Inc.

April 02, 2009 15:44 ET

Profound Energy Inc. Announces That the Toronto Stock Exchange Has Deferred Consideration of Profound's Shareholders Rights Plan

CALGARY, ALBERTA--(Marketwire - April 2, 2009) - Profound Energy Inc. (TSX:PFX) ("Profound") has been notified by the Toronto Stock Exchange (the "TSX") that the TSX will defer consideration of the acceptance of Profound's shareholders rights plan ("Rights Plan") until such time as the TSX is satisfied that the Ontario Securities Commission will not intervene pursuant to National Policy 62-202. Pursuant to TSX policies the TSX automatically defers acceptance of shareholders rights plans when there is a specific take-over bid that is being made for the shares of a company. Although, as previously announced, Paramount Energy Trust has made an offer to acquire all of the issued and outstanding common shares of Profound (the "PET Offer") by way of a take-over bid, the Rights Plan is not intended to deter the PET Offer. The PET Offer is a "permitted bid" under the Rights Plan and the Board of Directors of Profound recommends that holders of Profound common shares tender their common shares to the PET Offer. Even though the TSX has deferred its review of the Rights Plan, the Rights Plan remains in effect.

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