CALGARY, Oct. 20, 2012 /CNW/ - (TSX - PRQ) - Progress Energy Resources Corp.
("Progress" ) provided the following in response to the Minister of
Industry's announcement regarding the proposed acquisition of Progress by
PETRONAS Carigali Canada Ltd.
The Board of Directors, management and employees of Progress are disappointed
in the announcement. "Progress will be working over the next 30 days to
determine the nature of the issues and the potential remedies" said Michael
Culbert, President and Chief Executive Officer of Progress. "The long-term
health of the natural gas industry in Canada and the development of a new LNG
export business are dependent on international investments such as PETRONAS'."
Progress is a Calgary based energy company primarily focused on natural gas
exploration, development and production in northeast British Columbia and
northwest Alberta. 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 the timing of
completion of the Arrangement, and receipt of governmental approvals.
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
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
Contact: Greg Kist, Vice President, Marketing, Corporate and Government
Relations Progress Energy Resources Corp. 403-539-1809
SOURCE: Progress Energy Resources Corp.
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CO: Progress Energy Resources Corp.
-0- Oct/20/2012 20:16 GMT
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