PETRONAS and Progress Welcome Favourable Investment Canada Ruling

PETRONAS and Progress Welcome Favourable Investment Canada Ruling 
Canadian natural gas development and LNG export investment plans moving forward 
CALGARY, Dec. 9, 2012 /CNW/ - PETRONAS and Progress Energy Resources Corp. 
(Progress) welcome the Canadian Minister of Industry's decision to approve the 
acquisition of Progress by PETRONAS Carigali Canada Ltd. (PETRONAS Canada), 
which will help develop Canadian natural gas for the global liquefied natural 
gas (LNG) export market. 
"This approval by the Canadian government marks a vital step in our plans to 
develop a LNG export business and opens promising new business opportunities 
for Progress, British Columbia and Canadian trade expansion," said Michael 
Culbert, President and CEO, Progress. 
"Canada has great potential in the global LNG market - a growing market that's 
already worth more than $300 billion per year. While international LNG trade 
is intensely competitive, new facilities such as our Pacific Northwest LNG 
project are vital to building Canada's market position," Culbert said. 
PETRONAS Canada and Progress have now received all necessary regulatory 
approvals and the acquisition is scheduled to be completed on December 12, 
2012. The acquisition will enable PETRONAS to secure long-term strategic gas 
resources and leverage on Progress' extensive experience in unconventional 
resource development to further grow its unconventional business. At the same 
time, PETRONAS will be bringing LNG experience and expertise in developing LNG 
infrastructure in Western Canada, thus further cementing its position as a 
major long term global LNG player. 
PETRONAS' well-established and extensive network of LNG customers will add 
value to Canada's natural gas resources and provide a strategic alternative to 
the traditional North American natural gas market. This will also generate 
substantial economic benefits to the local communities in terms of employment, 
increasing skill levels and other economic multiplier benefits. 
"Our growth plans include three major Canadian investment components: Pacific 
Northwest LNG, which is the construction of a LNG export facility on Lelu 
Island in the District of Port Edward, near Prince Rupert; the continued 
upstream development of natural gas production in the Montney region of 
northeast British Columbia and northwest Alberta; and the eventual 
installation of a natural gas transmission pipeline, built by a third-party 
pipeline company, to move natural gas from the production fields to the LNG 
export facility. These components will create thousands of well-paid jobs 
during construction of the facility and pipeline, as well as permanent, 
ongoing operating jobs throughout our LNG business, from the Montney region to 
the West Coast," said Tan Sri Dato' Shamsul Azhar Abbas, President and CEO of 
The partners recently announced that the Pacific Northwest LNG project is 
moving into the pre front-end engineering design (Pre-FEED) phase. The 
Pre-FEED phase will be undertaken to provide certainty around project scope 
and a further understanding of construction timelines, costs and labour force 
requirements. The estimated investment in the LNG export facility is expected 
to be between $9 billion and $11 billion, depending on the final project 
scope. The construction phase would result in up to 3,500 direct jobs and the 
long-term operations of the facility would result in 200 to 300 direct jobs. 
Overall, Pacific Northwest LNG plus the upstream and midstream investments 
represent significant revenue and royalties to the provincial and federal 
governments, and the opportunity for significant economic benefits to the 
local First Nations and communities. A final investment decision for the 
project continues to be expected in late 2014, followed by the first LNG 
exports in 2018. 
Pacific Northwest LNG will be opening an office in Vancouver, British 
Columbia, in early 2013 and will be growing its project team. More 
information, including a project backgrounder, is available at 
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 Canadian 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. 
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, the anticipated timing of the closing of the 
acquisition of Progress by PETRONAS Canada; PETRONAS Canada's plans for 
Progress following completion of the acquisition; plans regarding Progress' 
Pacific Northwest LNG project, the continued development of the Progress 
Montney assets and the installation of a transmission pipeline and the 
benefits to be obtained therefrom, including: the pace of project development; 
the impact of expansion on productivity and upstream efficiencies; the 
benefits to be obtained by the provincial and federal governments, local First 
Nations and communities and others as a result of the project; the timing for 
the final investment decision; the timing of anticipated project completion; 
plans to open a project office in Vancouver and the timing thereof; plans to 
increase the project team; estimated total project costs; and the number of 
jobs created for project construction and long-term operations as a result of 
Progress' planned LNG business. 
The forward-looking statements and information are based on certain key 
expectations and assumptions made by Progress and PETRONAS, including, among 
other things, expectations and assumptions concerning prevailing commodity 
prices and exchange rates, applicable credits, royalty rates and tax laws; the 
performance of existing wells; the success obtained in drilling new wells; the 
sufficiency of budgeted capital expenditures in carrying out planned 
activities; receipt of all required regulatory approvals; and the availability 
and cost of labour and services and future operating costs. 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 correct. 
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 Pacific Northwest LNG project is not completed 
on the terms described or at all; delays or changes in plans with respect to 
the project; failure to receive all required regulatory approvals; failure to 
realize the anticipated benefits of the Pacific Northwest LNG project; and 
changes in legislation, including but not limited to tax laws, royalties and 
environmental regulations; the risk that the transaction between Progress and 
PETRONAS may not close when planned or at all or on the terms and conditions 
set forth in the arrangement agreement. 
Readers are cautioned that the foregoing list of factors is not exhaustive. 
Additional information on these and other factors that could affect the 
operations or financial results of Progress are included in reports on file 
with applicable securities regulatory authorities and may be accessed through 
the SEDAR website ( 
Management has included the above summary of assumptions and risks related to 
forward-looking information provided in this press release in order to provide 
security holders with a more complete perspective on Progress' future 
operations in respect of the Pacific Northwest LNG project and such 
information may not be appropriate for other purposes. Progress' actual 
results, performance or achievement and the benefits to be derived from the 
project 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 Progress and others will 
derive there from. Readers are cautioned that the foregoing lists of factors 
are not exhaustive. These forward-looking statements are made as of the date 
of this press release and Progress 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 Kelly Sinclair NATIONAL Public Relations 403-804-6931 
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- Dec/10/2012 00:00 GMT
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