Paramount Energy Trust Posts June Distribution, Extends Offer for Profound

Paramount Energy Trust confirmed that its distribution to be paid on July 15, 2009 in respect of income received by PET for the month of June 2009, for Unitholders of record on June 30, 2009, will be $0.05 per Trust Unit. The ex-distribution date is June 26, 2009. The June distribution brings cumulative distributions paid since the inception of the Trust to $13.464 per Trust Unit.

Extension of Profound Offer

On April 24, 2009, 1463072 Alberta Ltd., an indirect wholly-owned subsidiary of PET, mailed a take-over bid circular and offer (the "Offer") to shareholders of Profound Energy Inc. ("Profound"). On June 1, 2009, the initial expiry date of the Offer, the Offer was extended to 8:00 a.m. (Calgary time) on June 15, 2009 (the "Expiry Time"). As at the Expiry Time, approximately 56.8% of the outstanding common shares of Profound (the "Common Shares"), including Common Shares issuable on exercise of outstanding stock options, had been tendered to the Offer or acquired by PET through market purchases as contemplated by the Offer. In addition, PET owns special warrants (the "Special Warrants') to acquire 9,224,310 Common Shares Each special warrant is convertible into one Common Share, subject to adjustment. Common Shares tendered to the Offer in combination with Common Shares currently owned by PET and its subsidiaries and Common Shares that would be owned by PET upon conversion of the Special Warrants represent approximately 65.2% of the Common Shares on a fully diluted basis. As the minimum tender condition, being 66 2/3% of the Common Shares outstanding on a fully-diluted basis has not been satisfied, PET has extended the expiry time of the Offer to 8:00 a.m. (Calgary Time) on June 29, 2009, to allow Profound shareholders an additional opportunity to tender their Common Shares to the Offer. A notice of extension will be mailed to Profound shareholders.

In the event the conditions to the Offer are satisfied at 8:00 a.m. (Calgary time) on June 29, 2009, PET intends to take up and pay that day for all deposited Common Shares. To the extent that PET takes up and pays for Common shares under the offer by June 30, 2009 and Profound shareholders thereby become Unitholders of record of PET by June 30 2009, through electing to receive PET Trust Units and/or through proration under the Offer, such Profound shareholders will become eligible to receive the June distribution payable on July 15, 2009 on the PET Trust Units. Assuming that either all Profound shareholders tendered to the Cash Alternative under the Offer or all Profound shareholders tendered to the Unit Alternative under the Offer, and based on the maximum cash permitted, the Maximum Unit Consideration and Profound's in-the-money Options, each Profound shareholder would be entitled to receive approximately $0.395 in cash and approximately 0.278 of a PET Trust Unit for each Common Share tendered This would result in depositing Profound shareholders receiving a distribution on their PET Trust Units for the month of June equivalent to approximately $0.0139 per Profound Common Share. PET's closing price on Friday, June 12, 2009 of $4.90 per Unit equates to an equivalent market price for Profound shares of $1.76 per share, representing a premium of 171% from the Profound share price immediately prior to the announcement of the Offer on March 31, 2009 of $0.65 per Common Share.


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