Ms. Susan Riddell Rose reports

PERPETUAL ENERGY INC. ANNOUNCES NOTICE OF EARLY PARTIAL REDEMPTION OF 7.00% SUBORDINATED CONVERTIBLE DEBENTURES

Perpetual Energy Inc. has provided notice for the early partial redemption on Dec. 31, 2014, of $25-million of the aggregate principal amount of $59,878,000 of 7-per-cent convertible unsecured junior subordinated debentures outstanding. The debentures mature on Dec. 31, 2015. Perpetual is targeting full-year 2015 capital spending to be largely financed by 2015 cash flow. The company is also continuing to pursue additional asset sales in 2015 with funds anticipated to be utilized to strengthen the balance sheet and enhance financial flexibility. It is presently Perpetual's intention to repay the remaining outstanding principal amount of the debentures of $34,878,000 in cash on or prior to the maturity date of Dec. 31, 2015.

We seek Safe Harbor.