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



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

    CALGARY, June 18 /CNW/ - Paramount Energy Trust (TSX:PMT.UN) ("PET" or
the "Trust") announces that it has today purchased on the TSX 1,500 common
shares (the "Acquired Shares") of Profound Energy Inc. ("Profound"). The
highest price per share paid for the Acquired Shares was $1.75. 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 17, 2009 PET announced that it had varied the terms of the Offer by
amending the minimum tender condition set out at subsection (a) of Section 4
of the Offer entitled, "Conditions of the Offer" from 66 2/3% of the Profound
common shares (the "Common Shares") outstanding on a fully diluted basis to
50.1% of Common Shares outstanding on a fully diluted basis (excluding any
Common Shares issued or issuable upon conversion of the Profound special
warrants held by PET (the "Special Warrants")), other than any Common Shares
held at the date of the Offer by or on behalf of PET or its affiliates or any
Common Shares issued or issuable upon conversion of the Special Warrants. The
expiry time of the Offer will be 8:00 a.m. (Calgary time) on June 30, 2009. A
notice of variation and extension has been mailed to Profound shareholders.
    During the currency of the Offer, PET has purchased on the TSX an
aggregate of 1,856,400 Common Shares at an average price of $1.6452 per Common
Share. After giving effect to the purchase of the Acquired Shares, PET and its
subsidiaries own 1,856,400 Common Shares and 9,224,310 Special Warrants. Each
Special Warrant is convertible into one 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. PET has
purchased 5 percent of the Common Shares that were outstanding at the date of
the Offer. PET will not be making further purchases of Common Shares through
the facilities of the Toronto Stock Exchange as the Trust has now purchased
the maximum percentage permitted by applicable securities legislation.
    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 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.

    Webcast

    PET will be hosting a webcast of our Annual General Meeting at 3:00 p.m.,
Mountain Time, Thursday June 18, 2009. To participate in the live webcast
please visit: www.paramountenergy.com or
http://w.on24.com/r.htm?e=150915&s=1&k=86C37661CFEA69457F78C6FB71892F59.

    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
(FAX); or Paramount Energy Trust, Sue M. Showers, Investor Relations and
Communications Advisor, (403) 269-4400 (FAX), (403) 269-4444; 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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