Paramount Energy Trust Advises of Typographical Correction to the 2007 Year-End Reserves Information



    TSX: PMT.UN, PMT.DB

    CALGARY, Feb. 11 /CNW/ - Paramount Energy Trust ("PET" or the
"Trust")(TSX:PMT.UN) advises of a correction to the press release dated
February 11, 2008. In the press release the amounts in the NPV Summary table
are stated to be in millions of dollars, which was in error; rather, the
amounts stated are in thousands of dollars. The corrected table is shown below
and the full correct reserves information is available at
www.paramountenergy.com.

    NET PRESENT VALUE SUMMARY

    PET's light and medium oil, natural gas and natural gas liquids reserves
were evaluated by McDaniel using McDaniel's product price forecasts effective
January 1, 2008 prior to provision for income taxes, interest, debt service
charges and general and administrative expenses. The following table
summarizes the net present value ("NPV") of cash flow at January 1, 2008,
assuming various discount rates. It should not be assumed that the discounted
future net cash flows estimated by McDaniel represent the fair market value of
the potential future production revenue of the Trust.

    
    NPV of Cash Flow Using McDaniel January 1, 2008 Forecast Prices and Costs
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    NI 51-101 Net               Discounted Discounted Discounted  Discounted
     Interest      Undiscounted       at 5%     at 10%     at 15%     at 20%
    -------------------------------------------------------------------------
    ($000's)
    Proved
     Producing        1,056,412    883,487    772,606    692,366     630,582
    Proved
     Non-Producing         (429)     9,395     11,426     11,147      10,223
    Proved
     Undeveloped        114,044     79,116     55,088     38,282      26,338
    -------------------------------------------------------------------------
    Total Proved      1,170,026    971,998    839,120    741,795     667,142
    -------------------------------------------------------------------------
    Total Probable      767,480    508,989    361,855    270,622     210,875
    -------------------------------------------------------------------------
    Total Proved
     and Probable     1,937,507  1,480,986  1,200,975  1,012,416     878,018
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Forward-looking Information

    This news release contains forward-looking information. Implicit in this
information, particularly in respect of cash distributions, are assumptions
regarding natural gas prices, production, royalties and expenses which,
although considered reasonable by PET at the time of preparation, may prove to
be incorrect. These forward-looking statements are based on certain
assumptions that involve a number of risks and uncertainties and are not
guarantees of future performance. Actual results could differ materially as a
result of changes in PET's plans, changes in commodity prices, general
economic, market, regulatory and business conditions as well as production,
development and operating performance and other risks associated with oil and
gas operations. There is no guarantee by PET that actual results achieved will
be the same as those forecast herein.

    Non-GAAP Measures

    This news release contains financial measures that may not be calculated
in accordance with generally accepted accounting principles in Canada
("GAAP"). Readers are referred to advisories and further discussion on
non-GAAP measures contained in the "Significant Accounting Policies and
Non-GAAP Measures" section of the Trust's Management's Discussion and
Analysis.
    Mcf equivalent (Mcfe) may be misleading, particularly if used in
isolation. In accordance with National Instrument 51-101 ("NI 51-101"), a Mcfe
conversion ratio for oil of 1 Bbl: 6 Mcf has been used, which is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not necessarily represent a value equivalency at the wellhead.

    Paramount Energy Trust is a natural gas-focused Canadian energy trust.
PET's Trust Units and Convertible Debentures are listed on the Toronto Stock
Exchange under the symbols "PMT.UN", "PMT.DB", "PMT.DB.A", "PMT.DB.B", and
"PMT.DB.C" respectively. Further information with respect to PET can be found
at its website at www.paramountenergy.com.

    
    The Toronto Stock Exchange has neither approved nor disapproved the
    information contained herein.
    





For further information:

For further information: Paramount Energy Trust, Susan L. Riddell Rose,
President and Chief Executive Officer, (403) 269-4400; or Paramount Energy
Trust, Cameron R. Sebastian, Vice President, Finance and Chief Financial
Officer, (403) 269-4400; or Paramount Energy Trust, Sue M. Showers, Investor
Relations and Communications Advisor, (403) 269-4400, (403) 269-4444 (FAX); or
Paramount Energy Operating Corp, Administrator of Paramount Energy Trust,
Suite 3200, 605 - 5 Avenue SW Calgary, Alberta, T2P 3H5, Email:
info@paramountenergy.com, Website: www.paramountenergy.com


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