Announces management changes
CALGARY, Feb. 15 /CNW/ - (TSX-PGX.UN) - Progress Energy Trust ("Progress"
or the "Trust") today confirmed a distribution of $0.10 per Trust unit for the
month of February. The distribution will be paid on March 17, 2008 to
unitholders of record on February 29, 2008. The ex-distribution date is
expected to be February 27, 2008.
Progress announces that Mr. Neil Samis, Vice President, Production will
be retiring effective March 31, 2008. Neil has been a key contributor to the
success of Progress Energy Trust and its predecessor Progress Energy since he
joined the Company in 2002. The management, Board of Directors and employees
of Progress wish him good health and happiness in his retirement. Neil will be
available to the Company on an advisory basis.
Mr. Daniel Topolinsky has been promoted to Senior Vice President,
Exploration and will continue to be responsible for all aspects of the
company's exploration program. Mr. Gary Miller has been promoted to Vice
President, Operations with responsibility for field operations, facilities and
environment, health and safety. Gary has been with Progress since 2004. Mr.
Jim Stannard has been promoted to Vice President, Engineering and will be
responsible for exploitation and production engineering as well as drilling
and completions. Jim has been with Progress since 2002.
Progress is a Calgary based, natural gas focused trust targeting
sustainable 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. 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.
For further information:
For further information: Mr. Michael Culbert, President & Chief
Executive Officer, Phone: (403) 539-1820; Mr. Greg Kist, Vice President,
Investor Relations & Marketing, Phone: (403) 539-1809; Progress Energy Ltd.,
1200, 205 - 5th Avenue S.W., Calgary, Alberta, T2P 2V7, Toll Free:
1-866-216-2510, Fax: (403) 216-2514, Email firstname.lastname@example.org, Web: