Paramount Energy Trust Announces Acquisition of Shares of Profound Energy Inc.

CALGARY, ALBERTA, Jun 01 (MARKET WIRE) --
Paramount Energy Trust ("PET" or the "Trust") (TSX: PMT.UN) announces
that it has today purchased on the TSX 55,900 common shares (the
"Acquired Shares") of Profound Energy Inc. ("Profound"). On April 24,
2009, 1463072 Alberta Ltd., an indirect wholly-owned subsidiary of PET,
mailed a take-over bid circular and offer to shareholders of Profound
(the "Offer"). On June 1, 2009 PET extended the expiry date of the Offer
to 8:00 a.m. (Mountain Time) on June 15, 2009, to allow Profound
shareholders an additional opportunity to tender their Common Shares. A
notice of extension will be mailed to Profound shareholders.

The highest price per share paid for the Acquired Shares was $1.60.
During the currency of the Offer, PET has purchased on the TSX an
aggregate of 428,600 Profound common shares at an average price of
$1.5384 per Profound common share. After giving effect to the purchase of
the Acquired Shares, PET and its subsidiaries own 428,600 Profound common
shares and 9,224,310 special warrants to acquire Profound common shares.
Each special warrant is convertible into one Profound common share,
subject to adjustment. Conversion of the special warrants is automatic in
certain events and otherwise at the option of PET. The special warrants
are redeemable by PET and Profound at their subscription price in certain
circumstances.

This news release is neither an offer to purchase securities nor a
solicitation of an offer to sell securities. PET has filed a take-over
bid circular and offer with Canadian securities regulatory authorities
and Profound has filed a directors' circular with respect to the Offer,
recommending that shareholders tender their Profound common shares to the
Offer.

Shareholders of Profound and other investors are urged to read the
take-over bid circular and the related directors' circular. 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.

PET has retained Kingsdale Shareholder Services Inc. as information agent
for the Offer. Shareholders may obtain a copy of the take-over bid
circular, the related letter of transmittal and election form, notice of
guaranteed delivery, the directors' circular and certain other offer
documents at www.sedar.com. In addition, any questions or requests for
assistance or further information on how to tender common shares to the
Offer, may be directed to and copies of the above referenced documents
may be obtained by contacting the information agent at 1-888-518-6554 or
by email at contactus@kingsdaleshareholder.com.

Paramount Energy Trust is a natural gas-focused Canadian energy trust.
Paramount's Trust Units and Convertible Debentures are listed on the
Toronto Stock Exchange under the symbols "PMT.UN", "PMT.DB", "PMT.DB.A",
"PMT.DB.B" and "PMT.DB.C", respectively. Further information with respect
to the Trust can be found at its website at www.paramountenergy.com.

The TSX has neither approved nor disapproved the information contained
herein.

Contacts:
Kingsdale Shareholder Services Inc.
1-888-518-6554 (Toll Free)
Outside North America,
Banks and Brokers Call Collect: (416) 867-2272
(416) 867-2271 or Toll Free: 1-866-545-5580 (FAX)

Paramount Energy Trust
Susan L. Riddell Rose
President and Chief Executive Officer
(403) 269-4400

Paramount Energy Trust
Cameron R. Sebastian
Vice President, Finance and Chief Financial Officer
(403) 269-4400

Paramount Energy Trust
Sue M. Showers
Investor Relations and Communications Advisor
(403) 269-4400
(403) 269-4444 (FAX)

Paramount Energy Operating Corp,
Administrator of Paramount Energy Trust
Suite 3200, 605 - 5 Avenue SW Calgary, Alberta T2P 3H5
(403) 269-4400
Email: info@paramountenergy.com
Website: www.paramountenergy.com

Copyright 2009, Market Wire, All rights reserved.

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