Paramount Energy Trust Approves Private Placement

Paramount Energy Trust has conditionally approved a private placement of special warrants by Profound Energy Inc. 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.
 

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