Dec 2, 2010
CALGARY, Dec. 2 /CNW/ – (TSX – PRQ) The Board of Directors of Progress
Energy Resources Corp., (“Progress” or the “Company”) today announced
that the fourth quarter dividend will be maintained at $0.10 per share.
The dividend will be payable on January 17, 2011 to common shareholders
of record as of December 31, 2010. The ex-dividend date is expected to
be December 29, 2010. Based on the November 30, 2010 closing share
price on the Toronto Stock Exchange of $11.58, this represents an
annualized yield of 3.5 percent. The amount of future cash dividends,
if any, is subject to the discretion of the Progress Board of
Directors.
In 2009, Progress initiated a dividend reinvestment program (“DRIP”).
Shareholders may elect to participate in the DRIP which allows eligible
shareholders of Progress to direct that their cash dividends be
reinvested in additional common shares which, when issued from
treasury, will be issued at 95 percent of the Average Market Price (as
defined in the DRIP) on the applicable dividend payment date.
A complete copy of the DRIP is available by following the “Shareholder
Information – DRIP link” on the “Investors” page of Progress’ website
at www.progressenergy.com or from Computershare by calling 1-800-564-6253. Shareholders should
carefully read the complete text of the DRIP before making any
decisions regarding their participation in the DRIP.
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. Common shares of Progress are
listed on the Toronto Stock Exchange under the symbol PRQ.
Advisory Regarding Forward-Looking Statements
Forward Looking Statements – Certain information regarding Progress set
forth in this document, including management’s assessment of Progress’s
future plans and operations, contains forward-looking statements that
involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond Progress’s control,
including the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition from
other producers, the lack of availability of qualified personnel or
management, stock market volatility and ability to access sufficient
capital from internal and external sources. Progress’s actual results,
performance or achievement could differ materially from those expressed
in, or implied by, these forward-looking statements and, accordingly,
no assurance can be given that any of events anticipated by the
forward-looking statements will transpire or occur, or if any of them
do so, what benefits that Progress will derive therefrom.
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