Progress and ProEx Securityholders Vote Strongly in Favor of Merger



    CALGARY, Jan. 14 /CNW/ - Progress Energy Trust ("Progress Trust")
(TSX-PGX.UN) and ProEx Energy Ltd. ("ProEx") (TSX-PXE) today announced that
the securityholders of both companies voted overwhelmingly in favor of the
business combination announced on November 17, 2008.
    Progress Securityholders and Progress Performance Unitholders voted over
90 percent in favor of the Plan of Arrangement resolution, 86 percent in favor
of the Share Unit Plan resolution and 87 percent in favor of the Stock Option
Plan resolution.
    ProEx Shareholders voted over 99 percent in favor of the Plan of
Arrangement resolution, 88 percent in favor of the Share Unit Plan resolution,
89 percent in favor of the Stock Option Plan resolution and essentially 100
percent in favor of the Corporate Name Change resolution.
    Court and other regulatory approvals have been received and the closing
is scheduled to occur, and be effective, on Thursday, January 15, 2009.

    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 satisfaction of the remaining
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 satisfy remaining
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: 00020978E




For further information:

For further information: Greg Kist, Vice President, Investor Relations &
Marketing, Progress Energy Ltd., at (403) 539-1809,
(gkist@progressenergy.com)

Organization Profile

PROEX ENERGY LTD.

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Progress Energy Canada Ltd.

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