Progress Energy Announces Q3 Cash Distribution

    CALGARY, July 15 /CNW/ - (TSX-PGX.UN) - The Board of Directors of
Progress Energy Ltd. today announced that it has set the distribution policy
for the third quarter of 2008, maintaining monthly distributions at $0.10 per
trust unit for Progress Energy Trust ("Progress" or "Trust"). Consequently,
Progress has declared a distribution of $0.10 per trust unit for the month of
July. The distribution will be paid on August 15, 2008 to unitholders of
record on July 31, 2008. The ex-distribution date is expected to be July 29,

    Record Date        Payable Date         Distribution per unit
    July 31            August 15            $0.10
    August 31          September 15         $0.10(*)
    September 30       October 15           $0.10(*)

    (*) Estimated distributions based upon current commodity price outlook
        and are subject to change.

    Second quarter results release

    Progress will report second quarter 2008 results after market close on
Thursday, July 31, 2008.

    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.
    In this news release, production and reserves information may be
presented on boe basis with six mcf of natural gas being equivalent to one
barrel ("barrel") of crude oil or natural gas liquids. Boe's may be misleading
particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.

    %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, Web:

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