Paramount Energy Trust Increases Ownership of Profound Energy, Closes Bid

Paramount Energy Trust and Profound Energy Inc. confirmed that approximately 477,940 additional common shares of Profound have been tendered to, and taken up in accordance with, the previously announced offer of 1463072 Alberta Ltd., an indirect wholly-owned subsidiary of PET, to acquire all of the Common Shares, including Common Shares which become outstanding upon exercise or conversion of stock options, performance warrants and other securities of Profound convertible into Common Shares.

The Offer has now expired and as a result of the aforementioned take-up of Common Shares PET now owns, directly or indirectly, approximately 32,217,296 Common Shares representing approximately 68.36% of Profound's issued and outstanding shares.