Minister of Industry Confirms Notice Sent to PETRONAS

Minister of Industry Confirms Notice Sent to PETRONAS Carigali Canada
Ltd. Regarding Proposed Acquisition of Progress Energy Resources
Corp. 
OTTAWA, ONTARIO -- (Marketwire) -- 10/19/12 -- Today, the Honourable
Christian Paradis, Minister of Industry, made the following statement
regarding the proposed acquisition of Progress Energy Resources Corp.
(Progress Energy) by PETRONAS Carigali Canada Ltd. (Petronas): 
"I can confirm that I have sent a notice letter to Petronas
indicating that I am not satisfied that the proposed investment is
likely to be of net benefit to Canada. 
"I came to this decision after a careful and thorough review of the
proposed transaction. Under the Investment Canada Act, Petronas now
has up to 30 days to make any additional representations and submit
any further undertakings, which can be extended with my agreement and
that of the investor. Subsequently, I will either confirm this
initial decision or approve the acquisition. 
"Due to the strict confidentiality provisions of the Act, I cannot
comment further on this investment at this time.  
"Canada has a long standing reputation for welcoming foreign
investment. The Government of Canada remains committed to maintaining
an open climate for investment."
Contacts:
For further information (media only), please contact:
Margaux Stastny
Director of Communications
Office of the Honourable Christian Paradis
Minister of Industry
613-995-9001 
Media Relations:
Industry Canada
613-943-2502
 
 
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