PETRONAS and Progress Working Cooperatively to Address Investment Canada Announcement

PETRONAS and Progress Working Cooperatively to Address Investment Canada 
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. 
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 
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 ( 
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. 
Progress Energy Resources Corp. Greg Kist Vice President, Marketing, Corporate 
and Government Relations 403-539-1809 
MEDIA ENQUIRIES: Emma Stevens 403-531-0331 
SOURCE: Progress Energy Resources Corp. 
To view this news release in HTML formatting, please use the following URL: 
CO: Progress Energy Resources Corp.
ST: Alberta
-0- Oct/22/2012 13:13 GMT
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