Profound Energy Inc. Announces Its Financial and Operating Results for the Quarter Ended March 31, 2009

Profound Energy Inc. ("Profound" or the "Company") (TSX:PFX) is pleased to
report its operational and financial results for the three month period ended
March 31, 2009.


Copies of the financial statements and management discussion and analysis in
respect thereof for the quarter ended March 31, 2009 will be available at
www.sedar.com or by visiting Profound's website at www.profoundenergy.ca.


On March 31, 2009, Profound and Paramount Energy Trust ("Paramount") announced
that the parties had entered into a Support Agreement pursuant to which
Paramount would make an offer (the "Offer") to acquire all of the common shares
of Profound. The Take-over Bid Circular was mailed to Profound shareholders on
April 24, 2009. The expiry date of the Offer is June 1, 2009. Shareholders who
have not received a Take-over Bid Circular and related bid documents should
consult the financial institution that holds their Profound Shares.


The Board of Directors of Profound recommends that shareholders accept the Offer
and tender their common shares to the Offer. Profound shareholders must contact
the financial institution that has custody of their shares and provide
instructions to tender them to the Offer no later than May 27, 2009.


HIGHLIGHTS

On March 31, 2009 the Company entered into the Support Agreement with Paramount
pursuant to which Paramount has offered to acquire all of the issued and
outstanding shares of the Company for a combination of cash and Paramount Trust
Units. The total purchase price is approximately $112.9 million which includes
the assumption of outstanding debt and working capital deficiency estimated at
$61.5 million.


In addition to the Offer, Paramount also agreed to purchase 9,224,310 special
warrants of Profound on a private placement basis at a price of $0.75 per
special warrant for total subscription proceeds of approximately $6.9 million.
The private placement of special warrants closed on April 14, 2009. The special
warrants are convertible into common shares of Profound on a one-for-one basis.
Conversion is automatic in certain events and at the option of Paramount in
certain cases.


Subsequent to year-end, the Company amended its credit facility agreement with
its primary lender whereupon the Company's borrowing base was reduced from $70
million to $62 million. The term of the credit facility has been extended until
May 30, 2010, subject to semi-annual borrowing base redetermination.


Profound's production averaged 2,838 boe/day for the first quarter of 2009 as
compared to 3,288 boe/day in the fourth quarter of 2008, a decrease of 14%. At
the end of March, 2009 the Company received Good Production Practise ("GPP")
approval on the application it submitted to produce the Carrot Creek oil wells.
Current production is averaging approximately 3,000 boe/day.


Funds flow from operations decreased to $2.7 million in the first quarter of
2009 from $6.8 million in the fourth quarter of 2008, a decrease of 61%.


The Company has two natural gas hedging contracts to mitigate the effects of
falling gas prices. Details are as follows:




Natural   Volume   Pricing    Collar Price  Cost of Collar            Term
 Gas     (GJ/day)    Point        ($Cdn/GJ)       ($Cdn/GJ)
----------------------------------------------------------------------------

Collar     2,500    AECO-C   $4.75 - $6.25               -    Feb. 1, 2009 -
                                                             Dec. 31, 2009
Collar     1,000    AECO-C   $5.00 - $7.55           $0.25    Mar. 1, 2009 -
                                                             Mar. 31, 2010



The hedging contracts resulted in a realized gain of $30,000 and an unrealized
gain of $0.75 million in the first quarter of 2009.


The field operating net back averaged $16.48 per boe in the first quarter of
2009 versus $25.68 in the fourth quarter of 2008, a decrease of 36%.


The Company recorded a loss of $1.95 million in the first quarter of 2009
compared to a loss of $2.40 million in the fourth quarter of 2008.


Total net debt at March 31, 2009 was $59.8 million.

Capital expenditures in the first quarter of 2009 totalled $5.7 million compared
to $9.4 million in the fourth quarter of 2008.


Profound holds 97,884 net undeveloped acres of land which has a value of $21.9
million based on internal Company estimates. The Company has identified over 80
drilling locations; 30 of which are multi-stage completion horizontal wells and
50 of which are vertical wells. Profound holds an approximate average working
interest of 65 percent in the identified drilling inventory.




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FINANCIAL AND OPERATING HIGHLIGHTS
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                                        Three Month Periods Ended
                                   -----------------------------------------
                                    March 31, 2009  Dec. 31, 2008  % Change
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FINANCIAL HIGHLIGHTS
($000 unless otherwise indicated)

Petroleum and natural gas sales              8,959         14,305       -37%
Funds flow from operations (1)               2,657          6,779       -61%
Per share - basic and diluted ($)             0.07           0.18       -61%
Net earnings (loss)                         (1,956)        (2,397)       18%
Per share - basic and diluted ($)            (0.05)         (0.06)       17%
Net debt                                    59,782         57,423        -4%
Capital expenditures (2)                     5,663          9,438       -40%
Common shares outstanding (000's)           37,129         37,263         0%
Weighted average shares outstanding
 - basic and diluted (000's)                37,157         37,296         0%

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OPERATING HIGHLIGHTS
Average daily production
 Crude oil & NGL's (bbls/d)                    702            921       -24%
 Natural gas (mcf/d)                        12,815         14,204       -10%
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Total (boe/d)                                2,838          3,288       -14%
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Average selling prices (3)
 Crude oil & NGL's ($/bbl)                   44.82          56.87       -21%
 Natural gas ($/mcf)                          5.31           7.23       -27%
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Total ($/boe)                                35.08          47.28       -26%
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Operating netback ($/boe)
 Oil and natural gas sales                   35.08          47.28       -26%
 Royalties                                    7.96           8.89       -10%
 Operating costs                              9.76          11.98       -19%
 Transportation costs                         0.88           0.73        21%
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Operating netback                            16.48          25.68       -36%
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Wells drilled - gross (net)
 Oil                                             -              -         -
 Natural Gas                                2 (1.2)        1 (0.5)        -
 Abandoned/Other                                 -              -         -
----------------------------------------------------------------------------
Total                                       2 (1.2)        1 (0.5)        -
Drilling success rate (%)                      100            100         -
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(1) Funds flow from operations is calculated as cash flow from operating
    activities before the change in non- cash operating activities working
    capital.

(2) Capital expenditures are presented net of proceeds of dispositions
    (March 31, 2009 proceeds $98,000; December 31, 2008 proceeds from
    dispositions - $636,000).

(3) The average selling prices reported are before hedging activities.


FINANCIAL REVIEW

Production, revenues and funds flow from operations were all dramatically lower
in the first quarter of 2009 versus the fourth quarter of 2008. Prices which had
already fallen to an average of $56.87 per bbl of oil and NGL and $7.23 per mcf
of gas in the fourth quarter continued to deteriorate in the first quarter of
2009 to an average of $46.76 per bbl of crude oil & NGL and $5.31 per mcf of
gas. Overall, petroleum and natural gas sales decreased to $9.0 million in the
first quarter of 2009 from $14.3 million in the fourth quarter of 2008. Of this
decrease, $3.5 million is due to the falling commodity prices, and $1.8 million
was due to decreased production.


Profound's production averaged 2,838 boe/day for the first quarter of 2009 as
compared to 3,288 boe/day in the fourth quarter of 2008, a decrease of 14%. Of
this decrease, approximately 165 boe/day is due to Profound's Grande Prairie
12-31 well being shut-in as the plant through which the gas is otherwise
processed is unable to handle the condensate volumes the well produces. Profound
is in discussions with the plant operator to solve this problem and hopes to
have the well back on production in the third quarter of 2009. Production
volumes were also impacted by a five-day shut down at the Company's Carrot Creek
facility, some minor volume shut-ins due to poor economics at current prices and
natural declines.


Funds flow from operations decreased to $2.7 million in the first quarter of
2009 from $6.8 million in the fourth quarter of 2008, with the corresponding per
share amounts decreasing to $0.07 per share in the first quarter of 2009 from
$0.18 in the fourth quarter of 2008. Funds flow was strongly impacted by prices
which fell by 26% from the fourth quarter of 2008 to the first quarter of 2009.


The average royalty rate for the first quarter of 2009 was 22.7%, compared to
the fourth quarter of 2008 at 18.8%. The increase in the royalty rate is the
result of the New Royalty Framework ("NRF") which came into effect January 1,
2009, and adjustments to gas cost allowance credits due to previous property
dispositions. The NRF is sensitive to both production rates and gas pricing;
therefore, the effective royalty rate will vary depending on the price of
natural gas. Under 2008 pricing, Profound would have expected its effective
royalty rates to rise significantly in 2009; however, the effects of these rates
have been partially mitigated in early 2009 due to the low commodity prices.


Profound's average operating and transportation expense was $10.64 per boe in
the first quarter of 2009 as compared to $12.71 per boe in the fourth quarter of
2008. Operating costs decreased in the first quarter as gas processing and major
servicing costs decreased. Gas processing decreased due to the acquisition of
working interests in two plants at Carrot Creek and Clairmont. Also, the fourth
quarter of 2008 included $566,000 of major servicing. No major servicing costs
were incurred in the first quarter of 2009.


General and administrative expenses increased to $4.57 per boe in the first
quarter of 2009 compared to $2.98 per boe in the fourth quarter of 2008. G&A
costs included approximately $300,000 of costs associated with the Paramount
Offer.


Capital expenditures in the first quarter of 2009 totalled $5.7 million. Of this
amount, $4.4 million was spent on drilling and completions, $0.9 million on
equipping and facilities, $0.1 million on land and seismic, and $0.3 million on
capitalized G&A and other miscellaneous items.


Profound drilled 2 (1.2 net) wells during the quarter; one horizontal well at
Pembina and one vertical well at Carrot Creek. Three wells were completed and
one well tied-in. Facility costs included one tie-in at Pembina and the final
costs associated with the gas plant expansion at Carrot Creek, with production
flowing on January 15, 2009.


Profound has $203.9 million in tax pools at March 31, 2009.

OPERATIONS OVERVIEW

Production

During the three months ended March 31, 2009, Profound produced an average of
12.8 mmcf/day of gas and 702 bbls/day of oil and natural gas liquids for an
average daily production of 2,838 boe/day.


Activity Update

Due to the drop in commodity prices, capital expenditures by Profound in the
first quarter of 2009 were curtailed. During the three months ended March 31,
2009, Profound participated in 1.0 gross (0.6 net) vertical well at Carrot Creek
and 1.0 gross (0.6 net) horizontal well at Pembina, resulting in 2.0 gross (1.2)
net successful gas wells. In addition to the drilling of the 2.0 gross (1.2 net)
wells, one well (0.6 net) recompletion was successfully undertaken.


At Carrot Creek, the Company's application for GPP for the Ostracod 'AAA' oil
pool was approved by the Alberta Energy Resources Conservation Board on March
23rd, 2009. Previously curtailed volumes from this pool are now on production.


On the Peace River Arch, negotiations to consolidate gas processing in the area
have been finalized, and facilities work to debottleneck and optimize production
will commence in approximately 4 weeks time. Construction is expected to take
approximately 4 days, and once this consolidation has been completed, the
Company anticipates an additional 250 boe/day net of shut-in gas will be placed
on production .


2009 Capital Program

Capital expenditures continue to be significantly curtailed in response to the
precipitous drop in commodity prices. Profound will approach investment with a
defensive posture for the remainder of the year and will keep capital spending
for 2009 within expected cash flow.


ABOUT PROFOUND

Profound explores for and produces oil and natural gas in Alberta, Canada. It
was formed on November 19, 2007 through the amalgamation of Profound Energy
Ltd., a private oil and gas exploration and production company, and Cork
Exploration Inc. a public oil and gas exploration and production company. On
March 31, 2008 Profound acquired Defiant Resources Ltd., a public oil and gas
company operating in Alberta.


The Company operates in central Alberta west of the fifth meridian and in the
Peace River Arch area of Alberta.


DISCLAIMER

Certain information regarding Profound in this news release including, without
limitation, management's assessment of future plans, production, drilling
program, 2009 capital program, anticipated timing of additional production to be
brought on stream and obtaining certain regulatory approvals in connection
therewith and operations and the effect on Profound may constitute
forward-looking statements under applicable securities laws and necessarily
involve risks including, without limitation, risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation, risks associated with sour hydrocarbons, changes to royalty
rates, loss of markets, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition from other
producers, inability to retain drilling rigs and other services, capital
expenditure costs, including drilling, completion and facilities costs,
unexpected decline rates in wells, delays in projects and/or operations
resulting from surface conditions, wells not performing as expected, delays
resulting from or inability to obtain required regulatory approvals and ability
to access sufficient capital from internal and external sources. As a
consequence, actual results may differ materially from those anticipated in the
forward-looking statements. Readers are cautioned that the forgoing list of
factors is not exhaustive. Additional information on these and other factors
that could effect Profound's operations and financial results are included in
Profound's Annual Information Form on file with Canadian securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com).
Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Profound does not undertake any
obligation to update publicly or to revise any of the forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be expressly required by applicable securities laws.


In this news release, reserves and production data are commonly stated in
barrels of oil equivalent ("boe") using a six to one conversion ratio when
converting thousands of cubic feet of natural gas ("mcf") to barrels of oil
("bbl") and a one to one conversion ratio for natural gas liquids ("NGLs" or
"ngls"). Such conversion may be misleading, particularly if used in isolation. A
boe conversion ratio of six Mcf to one bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead.


As an indicator of the Company's performance, the terms "funds flow from
operations" and "operating netback" contained within this news release should
not be considered as an alternative to, or more meaningful than terms as
determined in accordance with Canadian generally accepted accounting principles
("GAAP"). These terms do not have a standardized meaning under GAAP and may not
be comparable to other companies. Profound believes that the terms are a useful
supplementary measure as shareholders and/or investors may use this information
to analyze operating performance, leverage and liquidity.


Funds flow from operations, as disclosed within this news release, represents
funds flow from operating activities before changes in non-cash operating
activities working capital. The Company presents funds flow from operations per
share whereby per share amounts are calculated consistent with the calculation
of earnings per share.


"Total net debt" refers to projected bank debt plus estimated working capital
deficit. Total net debt is not a recognized measure under Canadian GAAP.