Paramount Energy Trust Advises of Typographical Correction to the 2007 Year-End Reserves Information

Market Wire, February, 2008

Paramount Energy Trust ("PET" or the "Trust")(TSX: PMT.UN) advises of a correction to the press release dated February 11, 2008. In the press release the amounts in the NPV Summary table are stated to be in millions of dollars, which was in error; rather, the amounts stated are in thousands of dollars. The corrected table is shown below and the full correct reserves information is available at www.paramountenergy.com .

NET PRESENT VALUE SUMMARY

PET's light and medium oil, natural gas and natural gas liquids reserves were evaluated by McDaniel using McDaniel's product price forecasts effective January 1, 2008 prior to provision for income taxes, interest, debt service charges and general and administrative expenses. The following table summarizes the net present value ("NPV") of cash flow at January 1, 2008, assuming various discount rates. It should not be assumed that the discounted future net cash flows estimated by McDaniel represent the fair market value of the potential future production revenue of the Trust.

NPV of Cash Flow Using McDaniel January 1, 2008 Forecast Prices and Costs
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NI 51-101 Net               Discounted Discounted Discounted     Discounted
 Interest      Undiscounted       at 5%     at 10%     at 15%         at 20%
----------------------------------------------------------------------------
($000's)
Proved
 Producing        1,056,412    883,487    772,606    692,366        630,582
Proved
 Non-Producing         (429)     9,395     11,426     11,147         10,223
Proved
 Undeveloped        114,044     79,116     55,088     38,282         26,338
----------------------------------------------------------------------------
Total Proved      1,170,026    971,998    839,120    741,795        667,142
----------------------------------------------------------------------------
Total Probable      767,480    508,989    361,855    270,622        210,875
----------------------------------------------------------------------------
Total Proved
 and Probable     1,937,507  1,480,986  1,200,975  1,012,416        878,018
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Forward-looking Information

This news release contains forward-looking information. Implicit in this information, particularly in respect of cash distributions, are assumptions regarding natural gas prices, production, royalties and expenses which, although considered reasonable by PET at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in PET's plans, changes in commodity prices, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee by PET that actual results achieved will be the same as those forecast herein.

Non-GAAP Measures

This news release contains financial measures that may not be calculated in accordance with generally accepted accounting principles in Canada ("GAAP"). Readers are referred to advisories and further discussion on non-GAAP measures contained in the "Significant Accounting Policies and Non-GAAP Measures" section of the Trust's Management's Discussion and Analysis.

Mcf equivalent (Mcfe) may be misleading, particularly if used in isolation. In accordance with National Instrument 51-101 ("NI 51-101"), a Mcfe conversion ratio for oil of 1 Bbl: 6 Mcf has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead.

Paramount Energy Trust is a natural gas-focused Canadian energy trust. PET'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 PET can be found at its website at www.paramountenergy.com .

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contacts: 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 Email: info@paramountenergy.com Website: www.paramountenergy.com