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.