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Progress Announces New Trading Date for Convertible Debentures

Mar 7, 2011

NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES
LAW.

CALGARY, March 7 /CNW/ – (TSX: PRQ) - Progress Energy Resources Corp. (the “Company”) today announced that
its 5.75% Convertible Unsecured Subordinated Debentures (PRQ.DB.C) will
be posted for trading on the Toronto Stock Exchange (“TSX”) on Tuesday,
March 8, 2011
and not today Monday, March 7, 2011 as disclosed in the
Company’s press release issued earlier today due to a TSX
administrative error.

This press release is not an offer of the securities for sale in the
United States. The securities have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an exemption from
registration. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of
the securities in any State in which such offer, solicitation or sale
would be unlawful.

Not for dissemination in the United States.

Progress is a Calgary based, mid-size energy company primarily focused
on natural gas exploration, development and production in northwest
Alberta and northeast British Columbia. The Common Shares are listed on
the TSX under the symbol PRQ.