Calgary-based Paramount Energy Trust, which had been Canada’s only 100% natural gas energy trust, on Wednesday completed its transition into Perpetual Energy Inc.

The trust’s unitholders voted in favor of the transition at the annual meeting in June. At that time Paramount said subsidiary Warwick Gas Storage Inc. would proceed with plans to develop a gas storage facility near Vegreville, AB (see Daily GPI, June 18).

Perpetual also said about C$32 million of the previously announced funding for the Warwick storage facility has been released from escrow; the remaining C$10 million is to be released when additional conditions are completed.

Under terms of the arrangement, former trust unitholders are to receive common shares of Perpetual for their Paramount units on a one-for-one basis. Perpetual’s common shares are to trade on the Toronto Stock Exchange under “PMT.”

Paramount, a trust for seven years, last year bought cross-town explorer Profound Energy Inc. in a stock transaction work an estimated C$113 million (see Daily GPI, April 1, 2009). The merger upped Paramount’s output at the time, estimated at 175 MMcfe/d, by 10%. Three years ago Paramount acquired some of Dominion’s Canadian assets (see Daily GPI, May 30, 2007).

©Copyright 2010Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.