Profound Energy Inc. (TSX:PFX) ("Profound") announces today that as of 8:00 a.m.
(Calgary time) on June 30, 2009, approximately 20,658,646 common shares of
Profound had been validly deposited pursuant to the previously announced offer
(the "Offer") of 1463072 Alberta Ltd. (the "Offeror"), an indirect wholly-owned
subsidiary of Paramount Energy Trust ("PET"), to acquire all of the common
shares of Profound ("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 Offeror has taken-up all of the deposited Common Shares which, together with
Common Shares previously purchased by PET through the facilities of the Toronto
Stock Exchange, represent approximately 59.4% of the Common Shares outstanding
on a fully-diluted basis (excluding any Common Shares issuable upon conversion
of the special warrants of Profound (the "Special Warrants") previously issued
to PET) and greater than 50% of the Common Shares held by Independent
Shareholders (as such term is defined in the Profound's Shareholder Protection
Rights Plan Agreement dated March 30, 2009).


As all of the terms and conditions of the Offer have been complied with, the
Offer is now wholly unconditional. Profound has been notified by way of notice
of extension that the Offeror has extended the expiry date of the Offer to 8:00
a.m. (Calgary Time) on July 14, 2009, to allow Profound shareholders an
additional opportunity to tender their Common Shares. PET has indicated that the
notice of extension will be mailed to Profound shareholders.


Effective June 30, 2009, PET also has converted its previously acquired Special
Warrants of Profound in exchange for an additional 9,224,310 Common Shares.
After giving effect to the conversion of the Special Warrants, PET, together
with its affiliates, now own 31,739,356 Common Shares, representing
approximately 67.34% of the issued and outstanding Common Shares on a
fully-diluted basis.


In addition, Profound is announcing the resignation of William T. Davis as the
President and Chief Executive Officer of the Corporation and Nicholas Wemyss as
the Executive Vice President and Chief Operating Officer of the Corporation.
Profound anticipates that on or about July 2, 2009, the board of directors of
Profound will be reconstituted as contemplated by the terms of the support
agreement dated March 30, 2009 among PET, Paramount Energy Operating Corp. and
Profound.


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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