PETRONAS Further Extends the Outside Date under Arrangement Agreement with Progress

PETRONAS Further Extends the Outside Date under Arrangement Agreement with 
CALGARY, Nov. 20, 2012 /CNW/ - PETRONAS Carigali Canada Ltd ("PETRONAS 
Canada") and Progress Energy Resources Corp. ("Progress") (TSX:PRQ) announced 
today that PETRONAS Canada has exercised its right under the arrangement 
agreement between the parties to extend the "Outside Date" under the agreement 
to December 30, 2012. The Outside Date was originally established as October 
31, 2012 and subsequently extended to November 30, 2012. Under the agreement, 
PETRONAS Canada has the right to extend the Outside Date from October 31, 2012 
for up to 90 additional days, in 30 day increments, if the required regulatory 
approvals have not been obtained. This right is exercisable not less than 10 
days prior to the original Outside Date or any extended Outside Date. After 
the Outside Date, either party has the right to terminate the agreement. 
PETRONAS Canada also confirms that it has made additional representations and 
submitted further undertakings to the Minister of Industry, in accordance with 
the Investment Canada Act, to obtain approval of the proposed acquisition of 
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 
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. 
Progress Energy Resources Corp. Greg Kist Vice President, Marketing, Corporate 
and Government Relations 403-539-1809 
SOURCE: Progress Energy Resources Corp. 
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CO: Progress Energy Resources Corp.
ST: Alberta
-0- Nov/20/2012 13:41 GMT
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