CALGARY,
Oct. 29, 2012 /CNW/ - PETRONAS
Carigali Canada Ltd ("PETRONAS Canada") and Progress Energy
Resources Corp. ("Progress") (TSX:PRQ) announced today that
PETRONAS Canada has exercised its right under the arrangement
agreement between the parties to extend the "Outside Date" under
the agreement to November 30,
2012. The Outside Date was originally established as
October 31, 2012. Under the
agreement, PETRONAS Canada has the right to extend the Outside Date
from October 31, 2012 for up to 90
additional days, in 30 day increments, if the required regulatory
approvals have not been obtained. After the Outside Date,
either party has the right to terminate the agreement.
PETRONAS Canada and Progress have met with
officials of Industry Canada to understand the basis for the
October 19, 2012 announcement by the
Minister of Industry. As noted in the release by the
Minister, PETRONAS Canada has up to 30 days from the date of the
announcement to make any additional representations and submit any
further undertakings. PETRONAS Canada intends to make further
submissions to the Minister in order to obtain approval of the
proposed transaction.
About PETRONAS
PETRONAS is the national oil and gas company of Malaysia. Incorporated in 1974 the company,
ranked among the most profitable among the Fortune Global 500
entities, is engaged in the oil, gas and petrochemicals industries
with strategic business assets and interests in more than 30
countries. It is one of the world's leading LNG companies and is
fully involved in every value chain of the LNG business, from
liquefaction and shipping to re-gasification and trading. Apart
from its Malaysian production facility, currently one of the
world's largest, PETRONAS also owns interests in LNG assets in
Australia and Egypt.
About Progress Energy
Progress is a Calgary,
Canada-based Energy Company focused on exploration,
development and production of large, unconventional natural gas
resources in northeast British
Columbia and northwest Alberta. Progress holds the largest acreage
position in the Montney shale gas
play. Throughout its history, Progress has a solid track record of
growing reserves, production and the underlying value of the
Company for its shareholders. Common shares of Progress are listed
on the Toronto Stock Exchange under the symbol PRQ.
Advisory Regarding Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. In particular, forward looking
statements in this press release include, but are not limited to,
statements regarding plans to make further submissions to Industry
Canada and the results therefrom.
The forward-looking statements and information are based on
certain key expectations and assumptions made by Progress,
including, among other things, the ability to obtain all required
regulatory approvals for the completion of the transaction.
Although Progress believes that the expectations and assumptions on
which such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward
looking statements and information because Progress can give no
assurance that they will prove to be correct.
Since forward-looking statements and information address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the risk
that the acquisition may not close when planned or at all or on the
terms and conditions set forth in the agreement; and the failure to
obtain the necessary regulatory approvals required in order to
proceed with the transaction.
Readers are cautioned that the foregoing list of factors is
not exhaustive. Additional information on these and other factors
that could affect Progress are included in reports on file with
applicable securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com).
The Company's actual results, performance or achievement
could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits that the Company will derive there from. These
forward-looking statements are made as of the date of this press
release and the Company disclaims any intent or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or results or otherwise, other
than as required by applicable securities laws.
SOURCE Progress Energy Resources Corp.
