CALGARY,
Dec. 12, 2012 /CNW/ - Progress Energy
Resources Corp. ("Progress") is pleased to announce the completion
of the arrangement with PETRONAS Carigali Canada Ltd. ("PETRONAS
Canada"), pursuant to which PETRONAS Canada acquired all of
Progress' outstanding common shares at a price of $22.00 in cash for each common share, and
Progress acquired the outstanding 5.25% Convertible Unsecured
Subordinated Debentures of Progress due October 31, 2014 (the "2014 Debentures") and the
5.75% Series B Convertible Unsecured Subordinated Debentures of
Progress due June 30, 2016 (the "2016
Debentures"). The cash consideration for each $1,000 principal amount of debentures, including
accrued interest and notional interest, is $1,271.57 for the 2014 Debentures and
$1,237.67 for the 2016
Debentures.
With the completion of the arrangement, the common
shares, the 2014 Debentures and the 2016 Debentures are expected to
be delisted from the Toronto Stock Exchange on or about
December 17, 2012.
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.