CALGARY,
Oct. 20, 2012 /CNW/ - (TSX -
PRQ) - Progress Energy Resources Corp. ("Progress" )
provided the following in response to the Minister of
Industry's announcement regarding the proposed acquisition of
Progress by PETRONAS Carigali Canada Ltd.
The Board of Directors, management and employees
of Progress are disappointed in the announcement. "Progress will be
working over the next 30 days to determine the nature of the issues
and the potential remedies" said Michael
Culbert, President and Chief Executive Officer of
Progress. "The long-term health of the natural gas industry
in Canada and the development of a
new LNG export industry are dependent on international investments
such as PETRONAS'."
About Progress
Progress is a Calgary based energy
company primarily focused on natural gas exploration, development
and production in northeast British
Columbia and northwest Alberta. Common shares of Progress are listed
on the Toronto Stock Exchange under the symbol PRQ.
Advisory Regarding Forward-Looking
Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. In particular, forward looking
statements in this press release include, but are not limited to,
statements regarding the timing of completion of the Arrangement,
and receipt of governmental approvals.
The forward-looking statements and
information are based on certain key expectations and assumptions
made by Progress, including, among other things, the ability to
obtain all required regulatory approvals for the Arrangement.
Although Progress believes that the expectations and assumptions on
which such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward
looking statements and information because Progress can give no
assurance that they will prove to be correct.
Since forward-looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, the risk that the Arrangement may not close when
planned or at all or on the terms and conditions set forth in the
arrangement agreement; and the failure to obtain the necessary
regulatory approvals required in order to proceed with the
Arrangement.
Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and
other factors that could affect Progress are included in reports on
file with applicable securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com).
The Company'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 the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits that the Company will derive there
from. These forward-looking statements are made as of the
date of this press release and the Company disclaims any intent or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
SOURCE Progress Energy Resources Corp.