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
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
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 (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
Progress Energy Resources Corp. Greg Kist Vice President, Marketing, Corporate
and Government Relations 403-539-1809 firstname.lastname@example.org
MEDIA ENQUIRIES: Emma Stevens 403-531-0331
SOURCE: Progress Energy Resources Corp.
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CO: Progress Energy Resources Corp.
NI: OIL MNA
-0- Oct/22/2012 13:13 GMT
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