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
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 Progress.
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.
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.
SOURCE: Progress Energy Resources Corp.
For further information:
Progress Energy Resources Corp.
Vice President, Marketing, Corporate and Government Relations