Paramount Energy to buy back up to C$23.58 million convertibles

By Angela McDaniels

Tacoma, Wash., Oct. 20 - Paramount Energy Trust plans to repurchase for cancellation up to C$23.58 million of its convertible extendible unsecured subordinated debentures and up to 8,595,649 of its trust units.

Specifically, the trust will buy back up to:

• C$586,000 of its 8% convertibles due Sept. 30, 2009;

• C$5.53 million of its 6.25% convertibles due June 30, 2010;

• C$9.98 million of its 6.25% convertibles due April 30, 2011; and

• C$7.48 million of its 6.5% convertibles due June 30, 2012.

For each series of convertibles, the maximum amount to be repurchased is equal to 10% of the "public float" outstanding on Monday.

The Toronto Stock Exchange has accepted Paramount's notice of intention to make a normal course issuer bid to repurchase the convertibles from time to time, according to a trust news release.

Any repurchases made through the issuer bid will be made between Oct. 22 and Oct. 21, 2009 at prevailing market prices.

The trust noted that it has not purchased any of the convertibles in the last 12 months.

Paramount Energy is a natural gas-focused energy trust based in Calgary, Alta.

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