Paramount Energy Trust announces approval of private placement with Profound Energy Inc.

    CALGARY, April 13 /CNW/ - Paramount Energy Trust (TSX - PMT.UN) ("PET" or
the "Trust") announces that the Toronto Stock Exchange (the "TSX") has
conditionally approved a private placement of special warrants (the "Special
Warrants") by Profound Energy Inc. ("Profound") to PET.
    Pursuant to the private placement, PET has agreed to purchase 9,224,310
Special Warrants at a price of $0.75 per Special Warrant for total
subscription proceeds of approximately $6.9 million. The Special Warrants are
convertible into common shares of Profound on a one-for-one basis. Profound
and PET expect to close the private placement on or about April 14, 2009.

    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


    This press release contains statements that constitute forward-looking
information within the meaning of applicable securities legislation. This
forward-looking information includes, among others, statements regarding the
expected timing for closing the private placement. Various assumptions were
used in drawing the conclusions or making the forecasts and projections
contained in the forward-looking information contained in this press release.
Forward-looking information is based on current expectations, estimates and
projections that involve a number of risks, which could cause actual results
to vary and in some instances to differ materially from those anticipated by
the Trust and described in the forward-looking information contained in this
press release. Undue reliance should not be placed on forward-looking
information. The material risk factors include, but are not limited to failure
to complete the private placement. Readers are cautioned that the foregoing
list of risk factors is not exhaustive. Forward-looking information is based
on the estimates and opinions of the Trust's management at the time the
information is released.

For further information:

For further information: Paramount Energy Trust, Susan L. Riddell Rose,
President and Chief Executive Officer, (403) 269-4400, (403) 269-4444 (FAX);
or Paramount Energy Trust, Cameron R. Sebastian, Vice President, Finance and
Chief Financial Officer, (403) 269-4400, (403) 269-4444 (FAX); 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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