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


    CALGARY, May 29 /CNW/ - Paramount Energy Trust ("PET" or the "Trust")
(TSX:PMT.UN) announces that it has today purchased on the TSX 21,300 common
shares (the "Acquired Shares") of Profound Energy Inc. ("Profound"). 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. (Mountain Time) on June 1, 2009,
unless withdrawn or extended.
    The highest price per share paid for the Acquired Shares was $1.60.
During the currency of the Offer, PET has purchased on the TSX an aggregate of
351,400 Profound common shares at an average price of $1.5303 per Profound
common share. After giving effect to the purchase of the Acquired Shares, PET
and its subsidiaries own 372,700 Profound common shares and 9,224,310 special
warrants to acquire Profound common shares. 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.
    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
    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 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

    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

    The TSX has neither approved nor disapproved the information contained

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 or Toll Free: 1-866-545-5580 (FAX); 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:, Website:

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