Progress Energy Trust Announces Second Quarter Cash Distribution

    CALGARY, April 16 /CNW/ - (TSX-PGX.UN) - The Board of Directors of
Progress Energy Ltd. today announced that it has set the distribution policy
for the second quarter of 2007, 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
April. The distribution will be paid on May 15, 2007 to unitholders of record
on April 30, 2007. The ex-distribution date is expected to be April 26, 2007.

    Record Date        Payable Date         Distribution per unit
    April 30           May 15               $0.10
    May 31             June 15              $0.10(*)
    June 30            July 16              $0.10(*)

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

    First Quarter Results and Annual and Special Meeting of Unitholders
    Progress' first quarter operational and financial results will be
announced after markets close on Wednesday, April 25, 2007. The Trust's Annual
and Special Meeting of Unitholders is scheduled for 3:30 p.m. on Thursday,
April 26 at the Calgary Petroleum Club.

    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; 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, Web:

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