Progress Provides Update on PETRONAS Arrangement

    




 CALGARY, Oct. 5, 2012 /CNW/ -  - Progress Energy Resources Corp. ("Progress" or the "Company") provided  an update today regarding the status of the arrangement involving the  acquisition of Progress by PETRONAS Carigali Canada Ltd. ("PETRONAS  Canada") (the "Arrangement"). 

 The completion of the Arrangement remains subject to the satisfaction or  waiver of applicable conditions with the sole remaining regulatory  approval condition being receipt of a notice from the Minister of  Industry (the "Minister") under the Investment Canada Act that the acquisition is likely to be of net benefit to Canada.  PETRONAS  Canada and the Minister have agreed that the review period for the  acquisition will be extended until October 19, 2012.  The Arrangement  is expected to be completed on or about three business days after  receipt of approval from the Minister. 

 About Progress  

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

 Advisory Regarding Forward-Looking Statements 

 This press release contains forward-looking statements and  forward-looking information within the meaning of applicable securities  laws. The use of any of the words "expect", "anticipate", "continue",  "estimate", "objective", "ongoing", "may", "will", "project", "should",  "believe", "plans", "intends" and similar expressions are intended to  identify forward-looking information or statements.  In particular,  forward looking statements in this press release include, but are not  limited to, statements regarding the timing of completion of the  Arrangement, and receipt of governmental approvals. 

 The forward-looking statements and information are based on certain key  expectations and assumptions made by Progress, including, among other  things, the ability to obtain all required regulatory approvals for the  Arrangement. Although Progress believes that the expectations and  assumptions on which such forward-looking statements and information  are based are reasonable, undue reliance should not be placed on the  forward looking statements and information because Progress can give no  assurance that they will prove to be correct.  

 Since forward-looking statements and information address future events  and conditions, by their very nature they involve inherent risks and  uncertainties. Actual results could differ materially from those  currently anticipated due to a number of factors and risks. These  include, but are not limited to, the risk that the Arrangement may not  close when planned or at all or on the terms and conditions set forth  in the arrangement agreement; and the failure to obtain the necessary  regulatory approvals required in order to proceed with the Arrangement. 

 Readers are cautioned that the foregoing list of factors is not  exhaustive. Additional information on these and other factors that  could affect Progress are included in reports on file with applicable  securities regulatory authorities and may be accessed through the SEDAR  website (www.sedar.com). 

 The Company'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  the Company will derive there from.  These forward-looking statements  are made as of the date of this press release and the Company disclaims  any intent or obligation to update publicly any forward-looking  statements, whether as a result of new information, future events or  results or otherwise, other than as required by applicable securities  laws. 



Progress Energy Resources Corp.


CONTACT:  Greg Kist, Vice President, Marketing, Corporate and GovernmentRelationsProgress Energy Resources Corp.403-539-1809 [e-mail] Barrett, Analyst, Investor Relations and MarketingProgress Energy Resources Corp.403-539-1843 [e-mail] 


    

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