Paramount Energy Trust Announces Acquisition of Shares of Profound Energy Inc.



    
    TSX: PMT.UN, PMT.DB, PMT.DB.A,
    PMT.DB.B, PMT.DB.C
    PINK SHEETS: PMGYF
    

    CALGARY, June 11 /CNW/ - Paramount Energy Trust ("PET" or the "Trust")
(TSX:PMT.UN) announces that it has today purchased on the TSX 170,800 common
shares (the "Acquired Shares") of Profound Energy Inc. ("Profound"). The
highest price per share paid for the Acquired Shares was $1.69 and the average
price paid for the Acquired Shares was $1.6752.
    On April 24, 2009, 1463072 Alberta Ltd., an indirect wholly-owned
subsidiary of PET, mailed a take-over bid circular and offer to shareholders
of Profound (the "Offer"). On June 1, 2009 PET extended the expiry date of the
Offer to 8:00 a.m. (Mountain Time) on June 15, 2009, to allow Profound
shareholders an additional opportunity to tender their Common Shares. A notice
of extension has been mailed to Profound shareholders.
    During the currency of the Offer, PET has purchased on the TSX an
aggregate of 1,046,300 Profound common shares at an average price of $1.5846
per Profound common share. After giving effect to the purchase of the Acquired
Shares, PET and its subsidiaries own 1,046,300 Profound common shares and
9,224,310 special warrants to acquire Profound common shares, which represents
100% of the special warrants issued by Profound and approximately 2.23% of the
Profound common shares on a pro forma basis after giving effect to the
conversion of the special warrants. Each special warrant is convertible into
one Profound common share, subject to adjustment. Conversion of the special
warrants is automatic in certain events and otherwise at the option of PET.
The special warrants are redeemable by PET and Profound at their subscription
price in certain circumstances.
    The Profound common shares were acquired for investment purposes. PET
intends to continue to purchase common shares of Profound through the
facilities of the TSX. PET intends to make such purchases itself, or through
one or more of its direct or indirect subsidiaries. PET will be filing a
report (as contemplated by National Instrument 62-103 The Early Warning System
and Related Takeover Bid and Insider Reporting Issues) in connection with the
acquisition of the Acquired Shares as noted above in this release. To obtain a
copy of such report, please contact Ms. Sue M. Showers at the number provided
below.
    This news release is neither an offer to purchase securities nor a
solicitation of an offer to sell securities. PET has filed a take-over bid
circular and offer with Canadian securities regulatory authorities and
Profound has filed a directors' circular with respect to the Offer,
recommending that shareholders tender their Profound common shares to the
Offer.
    Shareholders of Profound and other investors are urged to read the
take-over bid circular and the related directors' circular. 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.
    PET has retained Kingsdale Shareholder Services Inc. as information agent
for the Offer. Shareholders may obtain a copy of the take-over bid circular,
the related letter of transmittal and election form, notice of guaranteed
delivery, the directors' circular and certain other offer documents at
www.sedar.com. In addition, any questions or requests for assistance or
further information on how to tender common shares to the Offer, may be
directed to and copies of the above referenced documents may be obtained by
contacting the information agent at 1-888-518-6554 or by email at
contactus@kingsdaleshareholder.com.

    Paramount Energy Trust is a natural gas-focused Canadian energy trust.
Paramount'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 the Trust
can be found at its website at www.paramountenergy.com.

    
    The TSX has neither approved nor disapproved the information contained
    herein.
    





For further information:

For further information: Kingsdale Shareholder Services Inc.,
1-888-518-6554 (Toll Free), Outside North America, Banks and Brokers Call
Collect: (416) 867-2272, (416) 867-2271 (FAX), 1-866-545-5580 (Fax - Toll
Free); or 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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