Progress Energy Trust Confirms August Distribution



    CALGARY, Aug. 15 /CNW/ - (TSX-PGX.UN) - Progress Energy Trust ("Progress"
or the "Company") today confirmed a distribution of $0.10 per Trust unit for
the month of August. The distribution will be paid on September 15, 2008 to
unitholders of record on August 31, 2008. The ex-distribution date is expected
to be August 27, 2008.
    Progress is a Calgary based, natural gas focused trust targeting growth
in production and reserves per unit through the utilization of its technical
capability and capital investment efficiencies. Primary operating areas
include the Deep Basin of northwest Alberta and the Foothills and Plains
regions of northeast British Columbia. Units of Progress trade on the Toronto
Stock Exchange (TSX) under the symbol PGX.UN. Exchangeable Shares of Progress
Energy Ltd. trade on the TSX under the symbol PGE and its convertible
debentures trade on the TSX under the symbols PGX.DB and PGX.DB.A.

    Forward-Looking Statements - Certain information regarding Progress set
forth in this document, including management's assessment of Progress' future
plans and operations, contains forward-looking statements that involve
substantial known and unknown risks and uncertainties. In particular,
forward-looking statements included in this document, include but are not
limited to, statements with respect to levels of distributions to be paid to
unitholders and timing of payment of such distributions. These forward-looking
statements are subject to numerous risks and uncertainties, certain of which
are beyond Progress' control, including the impact of general economic
conditions, industry conditions, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, the lack of availability of qualified
personnel or management, stock market volatility and ability to access
sufficient capital from internal and external sources. Progress' actual
results, performance or achievement 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 will derive therefrom. These forward-looking
statements are made as of the date of this Document and Progress does not
undertake any 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.

    %SEDAR: 00020979E




For further information:

For further information: Mr. Michael Culbert, President & Chief
Executive Officer, Phone: (403) 539-1820, Progress Energy Ltd., 1200, 205 -
5th Avenue S.W., Calgary, Alberta, T2P 2V7; Mr. Greg Kist, Vice President,
Investor Relations & Marketing, Phone: (403) 539-1809, Toll Free:
1-866-216-2510, Fax: (403) 216-2514, Email ir@progressenergy.com, Web:
www.progressenergy.com

Organization Profile

Progress Energy Canada Ltd.

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