Progress Securityholders Approve Plan of Arrangement with PETRONAS

    




 CALGARY, Aug. 28, 2012 /CNW/ -  - Progress Energy Resources Corp. ("Progress") is pleased to announce  that the holders of common shares of Progress, the holders of Progress'  5.25% convertible unsecured subordinated debentures due October 31,  2014 (the "2014 Debentures") and the holders of Progress' 5.75% series  B convertible unsecured subordinated debentures due June 30, 2016 (the  "2016 Debentures") have approved the proposed acquisition of Progress  by PETRONAS Carigali Canada Ltd. ("PETRONAS Canada") pursuant to a plan  of arrangement under the Business Corporations Act (Alberta) (the  "Arrangement").  Under the Arrangement, holders of common shares will  receive $22.00 in cash per common share held. 

 The Arrangement was approved by approximately 99.85% of the votes cast  by Progress shareholders present or represented by proxy at the special  meeting of securityholders held today. The Arrangement was also  approved by approximately 99.99% of the principal amount of the 2014  Debentures and 99.98% of the principal amount of the 2016 Debentures  voted on the Arrangement resolution. Assuming an effective date of  September 25 2012, the cash consideration under the Arrangement for  each $1,000 principal amount of debentures, excluding accrued interest  and notional interest, is approximately $1,265 for the 2014 Debentures  and $1,213 for the 2016 Debentures. 

 Progress also announces that PETRONAS Canada and Progress have received  a No-Action Letter from the Commissioner of Competition (the  "Commissioner") under the Competition Act (Canada) (the "Act") with respect to the Arrangement.  The No-Action  Letter confirms that the Commissioner has reviewed the Arrangement and  concluded that she does not, at this time, intend to make an  application for a remedial order under section 92 of the Act. 

 About Progress Energy 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. 



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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