Paramount Energy Trust announces dismissal by Alberta Securities Commission of ARC Funds application



    CALGARY, Aug. 11 /CNW/ - Paramount Energy Trust ("PET" or the "Trust")
(PMT.UN) and Profound Energy Inc. ("Profound") (PFX) have received notice that
the Alberta Securities Commission has dismissed all claims previously filed by
ARC Equity Management (Fund 4) Ltd. and ARC Equity Management (Fund 5) Ltd.
challenging certain matters related to (a) the offer dated April 24, 2009 of
PET's indirect wholly-owned subsidiary, 1463072 Alberta Ltd. ("1463072"), for
all of the issued and outstanding common shares of Profound, which expired on
July 14, 2009, (b) the proposed amalgamation of 1463072 and Profound,
scheduled to be voted upon at the upcoming special meeting of Profound
shareholders (the "Special Meeting"), and (c) Profound's private placement of
special warrants (the "Special Warrants") to PET to acquire common shares of
Profound, which closed on April 14, 2009 and which Special Warrants were
converted into Profound common shares on June 30, 2009.
    The Special Meeting to approve the proposed amalgamation of 1463072 and
Profound is scheduled for 10:00 a.m. (Calgary time) on August 13, 2009.

    PET is a natural gas-focused Canadian energy trust. PET's Trust Units and
convertible debentures are listed on the Toronto Stock Exchange under the
symbol "PMT.UN" and "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.

    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.
    





For further information:

For further information: Paramount Energy Trust, Susan L. Riddell Rose,
President and Chief Executive Officer, (403) 269-4400; Paramount Energy Trust,
Cameron R. Sebastian, Vice President, Finance and Chief Financial Officer,
(403) 269-4400; Paramount Energy Trust, Sue M. Showers, Investor Relations and
Communications Advisor, (403) 269-4400, (403) 269-4444 (FAX); 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; Profound Energy Inc., Evelyn Burnett, Chief
Financial Officer, (403) 237-6102, (403) 237-6103 (FAX); Profound Energy Inc.,
Suite 380, 435 - 4th Avenue SW, Calgary, Alberta, Canada, T2P 3A8, Website:
www.profoundenergy.ca


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