Progress Responds to Investment Canada Announcement

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 industry are dependent on international investments such as PETRONAS'." 
About Progress 
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 
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. 
Contact: Greg Kist, Vice President, Marketing, Corporate and Government 
Relations Progress Energy Resources Corp. 403-539-1809 
(gkist@progressenergy.com) 
SOURCE: Progress Energy Resources Corp. 
To view this news release in HTML formatting, please use the following URL: 
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CO: Progress Energy Resources Corp.
ST: Alberta
NI: OIL  
-0- Oct/20/2012 20:28 GMT