PETRONAS and Progress Working Cooperatively to Address Investment
Canada Announcement
CALGARY,
Oct. 22, 2012 /CNW/ - PETRONAS
Carigali Canada Ltd ("PETRONAS Canada") and Progress Energy
Resources Corp. ("Progress") (TSX:PRQ) announced today that they
will be meeting with officials from Industry Canada in Ottawa to better understand Industry Canada's
requirements with respect to the proposed acquisition of Progress
by PETRONAS Canada.
Based on the announcement by the Minister of
Industry on Friday October 19, 2012,
PETRONAS Canada has up to 30 days, or longer as mutually agreed to,
to make any additional representations and submit any further
undertakings. PETRONAS and Progress will work together to
ensure that the Minister has the necessary information to determine
that the proposed acquisition of Progress would likely be of net
benefit to Canada.
In conjunction with this 30-day period, and at
PETRONAS Canada's request, Progress has agreed to waive the 10 day
notification period required to extend the "Outside Date" under the
arrangement agreement between the two companies. Under the
agreement, PETRONAS Canada has the right to extend the Outside Date
for up to an additional 90 days, in 30 day increments, if required
regulatory approvals have not been obtained. If the Outside
Date is not extended, the agreement will still continue in effect
until terminated by either party.
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 meet with Industry Canada officials
in Ottawa.
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 Arrangement.
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 Arrangement may not close when
planned or at all or on the terms and conditions set forth in the
arrangement agreement; and the failure to obtain the necessary
regulatory approvals required in order to proceed with the
Arrangement.
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.