Progress Announces Completion of the Acquisition by PETRONAS

Dec 12, 2012

CALGARY, Dec. 12, 2012 /CNW/ – Progress Energy Resources Corp.
(“Progress”) is pleased to announce the completion of the arrangement
with PETRONAS Carigali Canada Ltd. (“PETRONAS Canada”), pursuant to
which PETRONAS Canada acquired all of Progress’ outstanding common
shares at a price of $22.00 in cash for each common share, and Progress
acquired the outstanding 5.25% Convertible Unsecured Subordinated
Debentures of Progress due October 31, 2014 (the “2014 Debentures”) and
the 5.75% Series B Convertible Unsecured Subordinated Debentures of
Progress due June 30, 2016 (the “2016 Debentures”). The cash
consideration for each $1,000 principal amount of debentures, including
accrued interest and notional interest, is $1,271.57 for the 2014
Debentures and $1,237.67 for the 2016 Debentures.

With the completion of the arrangement, the common shares, the 2014
Debentures and the 2016 Debentures are expected to be delisted from the
Toronto Stock Exchange on or about December 17, 2012.

About Progress
Progress is a Calgary, Canada-based Energy Company focused on
exploration, development and production of large, unconventional
natural gas resources in northeast British Columbia and northwest
Alberta. Progress holds the largest acreage position in the Montney
shale gas play. Throughout its history, Progress has a solid track
record of growing reserves, production and the underlying value of the
Company for its shareholders. Common shares of Progress are listed on
the Toronto Stock Exchange under the symbol PRQ.

SOURCE: Progress Energy Resources Corp.