Merger of Progress Trust and ProEx Receives Favorable Recommendation from Proxy Advisory Firms



    CALGARY, Jan. 6 /CNW/ - Progress Energy Trust ("Progress Trust")
(TSX-PGX.UN) and ProEx Energy Ltd. ("ProEx") (TSX-PXE) today announced that
RiskMetrics Group and Glass Lewis & Co. each have published a report
recommending that their subscribers vote 'FOR' the resolution approving the
Plan of Arrangement (the "Arrangement") between Progress Trust and ProEx that
was announced on November 17, 2008. The reports also recommend voting in favor
of the Share Unit and Stock Option plans as proposed by the companies. Glass
Lewis and RiskMetrics are leading providers of proxy research and voting
recommendations to institutional investors in Canada and the U.S.
    The special meetings of the securityholders of Progress Trust and ProEx
are scheduled for Wednesday, January 14, 2009.
    Pursuant to the Arrangement, holders of trust units of Progress Trust
will receive, for each trust unit held, 0.8125 of a common share ("ProEx
Share") of ProEx. Holders of exchangeable shares of Progress Energy Ltd.
("PEL") will receive, for each exchangeable share held, the number of ProEx
Shares that is equal to 0.8125 multiplied by the exchange ratio of each such
exchangeable shares into trust units of Progress Trust immediately prior to
the effective time of the Arrangement (and in the event that the Arrangement
is completed after a distribution record date in respect of the trust units of
Progress Trust but prior to payment of such distribution, the exchange ratio
for the exchangeable shares will be adjusted to give effect to the
distribution).

    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. More particularly and without
limitation, this press release contains forward looking statements and
information concerning the completion of the Arrangement.
    The forward-looking statements and information are based on certain key
expectations and assumptions made by ProEx and Progress Trust, including
expectations and assumptions concerning the receipt of regulatory,
securityholder, banking and other approvals and the satsication of the other
conditions to the completion of the Arrangement. Although ProEx and Progress
Trust believe 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 ProEx and Progress Trust 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 risks associated with the failure to obtain the required
regulatory, securityholder, banking and other approvals for the Arrangement
and to satisfy the other conditions to the completion of the Arrangement. .
Accordingly, readers should not place undue reliance on the forward-looking
statements and information contained in this press release concerning these
times.
    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 ProEx, Progress Trust, or the
combined company are included in reports on file with applicable securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). The forward-looking statements and information contained in
this press release are made as of the date hereof and ProEx and Progress Trust
undertake no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

    %SEDAR: 00020979E




For further information:

For further information: If you have any questions, we invite you to
contact our proxy solicitor, Laurel Hill Advisory Group at 1-888-292-3495. You
may also contact Greg Kist, Vice President, Investor Relations & Marketing,
Progress Energy Ltd., at (403) 539-1809 (gkist@progressenergy.com).


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890