Paramount Energy Trust announces intention to purchase shares of Profound Energy Inc. on the Toronto Stock Exchange



    CALGARY, May 6 /CNW/ - (TSX - PMT.UN) - Paramount Energy Trust ("PET" or
the "Trust") announces that it intends to purchase common shares of Profound
Energy Inc. ("Profound") through the facilities of the Toronto Stock Exchange
commencing as early as May 7, 2009. PET intends to make such purchases itself,
or through one or more of its direct or indirect subsidiaries.
    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"). The Offer expires at 8:00 a.m. (Calgary time) on
June 1, 2009, unless withdrawn or extended.
    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.
    

    NOTICE TO UNITED STATES SHAREHOLDERS

    The Offer is made for the securities of a Canadian company and is subject
to Canadian disclosure requirements that are different from those of the
United States. Financial statements included or incorporated by reference in
the take-over bid circular and Offer, if any, have been prepared in accordance
with Canadian generally accepted accounting principles and are subject to
Canadian auditing and auditor independence standards, which differ from United
States generally accepted accounting principles and United States auditing and
auditor independence standards. As a result, such financial statements may not
be comparable to the financial statements of United States companies.
    It may be difficult for U.S. shareholders to enforce their rights and any
claim that they may have arising under the United States federal or state
securities laws, as the offeror, Paramount Energy Trust and the administrator
of Paramount Energy Trust are located in Canada, and all of their officers and
directors are residents of Canada. U.S. shareholders may not be able to sue a
foreign entity or its officers or directors in a foreign court for violations
of U.S. federal or state securities laws. It may be difficult to compel a
foreign entity and its affiliates to subject themselves to a U.S. court's
judgment.
    U.S. Shareholders should be aware that the offeror or its affiliates may
bid for or purchase securities otherwise than under the Offer, such as in open
market or privately negotiated purchases, subject to applicable securities
laws.





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


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