Progress Energy Resources Corp. Announces Adoption of Dividend Reinvestment Plan


    CALGARY, Aug. 28 /CNW/ - (TSX - PRQ) Progress Energy Resources Corp.
("Progress") announces that it has adopted a dividend reinvestment plan (the
"DRIP"). Eligible shareholders may elect to participate in the DRIP commencing
with the September dividend to be paid on October 15, 2009 to shareholders of
record on September 30, 2009.
    The DRIP allows eligible shareholders of Progress to direct that their
cash dividends be reinvested in additional common shares which, when issued
from treasury, will be issued at 95 percent of the Average Market Price (as
defined in the DRIP) on the applicable dividend payment date.
    While it is currently the intention of Progress to issue the required
additional common shares through treasury, Progress may, from time to time, in
its discretion, direct that such common shares be purchased through the
facilities of the Toronto Stock Exchange at prevailing market prices. Progress
reserves the right to limit the amount of new equity available under the DRIP
on any particular dividend date. Accordingly, participation may be prorated in
certain circumstances in which case participant shareholders will receive from
Progress the regular cash dividends to which they would otherwise be entitled
on such date and which are not reinvested as a result of such proration.
    A registered shareholder who wishes to enroll in the DRIP for the
September 30, 2009 dividend must deliver a completed enrollment form to
Computershare Trust Company of Canada, as Plan Agent, before 5:00 p.m. (EST
time) on September 23, 2009. Beneficial shareholders who wish to participate
in the DRIP should contact the broker or other nominee through which their
common shares are held to provide appropriate enrollment instructions and to
ensure any deadlines or other requirements that such broker or nominee may
impose or be subject to are met. Enrollment forms for both registered and
beneficial shareholders received after the September enrollment deadline will
be accepted but only effective for subsequent dividends.
    A complete copy of the DRIP is available by following the "Shareholder
Information - DRIP link" on the "Investors" page of Progress' website at or from Computershare by calling 1-800-564-6253.
Shareholders should carefully read the complete text of the DRIP before making
any decisions regarding their participation in the DRIP.
    No commissions, service charges or brokerage fees are payable in
connection with the purchase of common shares from Progress' treasury under
the DRIP. Eligible shareholders who wish to participate in the DRIP indirectly
through the broker or other nominee through which their common shares are held
should consult such broker or nominee to confirm whether commissions, service
charges or other fees are payable.
    Participation in the DRIP does not relieve shareholders of any liability
for taxes that may be payable in respect of dividends that are reinvested in
new common shares under the DRIP. Shareholders should consult their tax
advisors concerning the tax implications of their participation in the DRIP
having regard to their particular circumstances.
    Please note that registered and beneficial owners of Progress common
shares who are not resident in Canada are not eligible to participate in the
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction. The securities
offered have not been and will not be registered under the United States
Securities Act of 1993, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirement.

    Progress is a Calgary based, mid-size energy company primarily focused on
natural gas exploration, development and production in northwest Alberta and
northeast British Columbia. Common shares of Progress are listed on the
Toronto Stock Exchange under the symbol PRQ.

    Advisory Regarding Forward-Looking Statements

    Forward Looking Statements - Certain information regarding Progress set
forth in this document, including management's assessment of Progress's 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's 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's 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 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.

    %SEDAR: 00020978E

For further information:

For further information: Greg Kist, Vice President, Investor Relations
and Marketing, Progress Energy Resources Corp., at (403) 539-1809

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