Progress maintains $0.10 per share quarterly dividend

    CALGARY, June 8 /CNW/ - (TSX - PRQ) The Board of Directors of Progress
Energy Resources Corp., ("Progress" or the "Company") today announced that the
second quarter dividend will be maintained at $0.10 per share, consistent with
the initial dividend established at the time of the business combination. The
dividend will be payable on July 15, 2009 to common shareholders of record as
of June 30, 2009. Based on the June 8, 2009 closing share price on the Toronto
Stock Exchange of $10.67, this represents an annualized yield of 3.7 percent.
The ex-dividend date is expected to be June 26, 2009. The amount of future
cash dividends, if any, is subject to the discretion of the Progress Board of
    "The dividend will continue to be an important part of our overall
strategy," said Michael Culbert, President and Chief Executive Officer of
Progress. "We expect that our capital investment program and current dividend
level will be roughly in balance with expected cash flows for 2009 based on
our view of strengthening natural gas prices later in 2009."
    Progress expects to invest between $175 million to $200 million during
2009. The investments will focus on proving up play concepts such as the
Montney and the Nikannasin, which Progress believes could have a material
impact on the future value of the Company, as well as maximizing the benefit
of the changes to the Alberta royalties.

    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 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.

    %SEDAR: 00020978E

For further information:

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

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