PETRONAS Further Extends the Outside Date under Arrangement
Agreement with Progress
CALGARY,
Nov. 20, 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 December 30,
2012. The Outside Date was originally established as
October 31, 2012 and subsequently
extended to November 30, 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. This right is
exercisable not less than 10 days prior to the original Outside
Date or any extended Outside Date. After the Outside Date,
either party has the right to terminate the agreement.
PETRONAS Canada also confirms that it has made
additional representations and submitted further undertakings to
the Minister of Industry, in accordance with the Investment
Canada Act, to obtain approval of the proposed acquisition of
Progress.
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
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.
SOURCE Progress Energy Resources Corp.
