land

History

Progress Energy has transformed from a junior exploration company to a steady energy trust into a burgeoning entity with growing production and a massive undeveloped natural gas resource. With a proud history of success in exploration and production, Progress excitedly looks to the future as the leading LNG developer taking Canadian natural gas to the global energy market.

2012       The next chapter
Progress Energy is acquired by PETRONAS for approximately C$6 billion and begins operating as Progress Energy Canada Ltd.

2012       Montney reserves continue to grow     
Progress Energy experiences continued success in exploring and exploiting the North Montney fairway resulting in growth in its reserve base by 28 percent to over 323 million barrels of oil equivalent proved, plus probable.

2011       Putting the Montney on the global stage
Progress Energy and PETRONAS enter into an agreement to form a 50/50 North Montney Joint Venture to develop the Altares, Lily, and Kahta properties.  In addition, Progress Energy positions itself to be an equity owner in an LNG facility on the west coast of British Columbia by establishing a downstream LNG Export Joint Venture with PETRONAS.

2010       Production and land position expand
Progress Energy acquires Suncor Energy’s Foothills assets, including additional deep rights in the Montney formation, giving Progress Energy a total Montney acreage of 900,000 acres.

2009       Progress Energy and ProEx merge
Progress Energy and ProEx merge into a single exploration and production company, Progress Energy Resources Corporation.

2008     Progress Energy increases production and tests the Montney
Progress Energy and ProEx experience first Montney success drilling lands where Progress Energy and ProEx hold the shallower rights. The companies then accelerate the acquisition of deep rights underlying its shallower leases in the area, assembling a huge land position before the end of the year.

2007       Progress Energy and ProEx acquire BG assets
Progress Energy capitalizes on the withdrawal of BG from Canada, acquiring 330,000 net acres of former BG assets, including lands in the Caribou and Montney trends. Progress Energy keeps the producing properties and ProEx takes the exploration assets.

2004       Acquisition of Cequel Energy
Progress Energy acquires Cequel Energy, resulting in the creation of Progress Energy Trust and ProEx Energy. Progress Energy focuses on steady production growth and cash distributions to unitholders. ProEx pursues exploration prospects, primarily in the Halfway horizon.

2002       Progress  Energy acquires former Encal properties
Progress Energy enters into a deal with Pengrowth Energy Corporation for a 20 per cent interest in former Encal leases put up for sale by Calpine, establishing its initial position in northeast British Columbia, with plans to pursue prospects in the Halfway formation.

2001       Progress  Energy recapitalizes under new management
Calpine Corporation purchases the assets of Encal Energy, while the former principals of Encal purchases and recapitalizes Progress Energy.