Profound Energy Inc. (TSX:PFX) ("Profound") announces that Paramount Energy
Trust ("PET") has varied the terms of PET's offer (the "Offer"), through its
wholly-owned indirect subsidiary 1463072 Alberta Ltd., to acquire all of the
issued and outstanding common shares of Profound (the "Profound Shares"). The
Offer has been varied by amending the minimum tender condition from 66 2/3% of
the Profound Shares outstanding on a fully diluted basis to 50.1% of Profound
Shares outstanding on a fully diluted basis (excluding any Profound Shares
issued or issuable upon conversion of the Profound special warrants held by PET
(the "Special Warrants")), other than any Profound Shares held at the date of
the Offer by or on behalf of PET or its affiliates or any Profound Shares issued
or issuable upon conversion of the Special Warrants. The expiry time of the
Offer will be 8:00 a.m. (Calgary time) on June 30, 2009. PET has indicated that
a notice of extension and variation will be mailed to Profound shareholders.


As at the close of market today, approximately 58.3% of the outstanding Profound
Shares, including Profound 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,
which entitle PET to acquire 9,224,310 Profound Shares. Profound Shares tendered
to the Offer in combination with Profound Shares currently owned by PET and its
subsidiaries and Profound Shares that would be owned by PET upon conversion of
the Special Warrants represent approximately 66.45% of the Profound Shares on a
fully diluted basis.


In a directors' circular mailed to the shareholders of Profound concurrently
with the mailing by PET of the take-over bid circular and Offer, the Board of
Directors of Profound recommends that shareholders tender their Profound Shares
to the Offer. In order to tender their Profound Shares, Profound shareholders
must deposit the certificates representing their Profound Shares along with a
duly executed letter of transmittal and election form to the depositary under
the Offer following the procedures as described in the take-over bid circular
and Offer, the directors' circular and the notice of extension and variation,
which have been filed with Canadian securities regulatory authorities and are
available at www.sedar.com. Shareholders whose Profound Shares are registered in
the name of a nominee should contact their broker, investment dealer, bank,
trust company or other nominee for assistance in depositing their Profound
Shares to the Offer. Shareholders of Profound and other investors are urged to
review and consider the take-over bid circular and Offer, the directors'
circular and the notice of extension and variation and act accordingly. 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.


Profound Energy Inc. is a junior oil and natural gas company based in Calgary,
Alberta. The Profound Shares are listed on the TSX under the symbol "PFX".
Further information with respect to Profound can be found at its website at
www.profoundenergy.ca.
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