Petronas' Acquisition of Progress

Petronas' Acquisition of Progress 
OTTAWA, ONTARIO -- (Marketwire) -- 12/07/12 -- Today, the Honourable
Christian Paradis, Minister of Industry, made the following statement
regarding the application under the Investment Canada Act made by
PETRONAS Carigali Canada Ltd. (Petronas) to acquire Progress Energy
Resources Corp. (Progress):  
"Under the Investment Canada Act, Petronas has satisfied me that,
under existing Guidelines, their proposed transaction to acquire
control of Progress is likely to be of net benefit to Canada.   
"In making my determination, I carefully considered the plans,
undertakings and other information submitted by Petronas in light of
the net benefit factors listed in section 20 of the Act and existing
"To demonstrate that the transaction is likely to be of net benefit,
Petronas has made significant commitments to Canada in the areas of
governance, including commitments on transparency and disclosure;
commercial orientation, including an adherence to Canadian laws and
practices as well as free market principles; as well as employment
and capital investments, which demonstrate a long-term commitment to
the development of the Canadian economy."
Margaux Stastny
Director of Communications
Office of the Honourable Christian Paradis
Minister of Industry
Media Relations
Industry Canada
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