PETRONAS Further Extends the Outside Date under Arrangement Agreement with Progress

CALGARY, Nov. 20, 2012 /CNW/ - PETRONAS Carigali Canada Ltd ("PETRONAS Canada") and Progress Energy Resources Corp. ("Progress") (TSX:PRQ) announced today that PETRONAS Canada has exercised its right under the arrangement agreement between the parties to extend the "Outside Date" under the agreement to December 30, 2012.  The Outside Date was originally established as October 31, 2012 and subsequently extended to November 30, 2012. Under the agreement, PETRONAS Canada has the right to extend the Outside Date from October 31, 2012 for up to 90 additional days, in 30 day increments, if the required regulatory approvals have not been obtained.  This right is exercisable not less than 10 days prior to the original Outside Date or any extended Outside Date.  After the Outside Date, either party has the right to terminate the agreement.

PETRONAS Canada also confirms that it has made additional representations and submitted further undertakings to the Minister of Industry, in accordance with the Investment Canada Act, to obtain approval of the proposed acquisition of Progress.

About PETRONAS
PETRONAS is the national oil and gas company of Malaysia. Incorporated in 1974 the company, ranked among the most profitable among the Fortune Global 500 entities, is engaged in the oil, gas and petrochemicals industries with strategic business assets and interests in more than 30 countries. It is one of the world's leading LNG companies and is fully involved in every value chain of the LNG business, from liquefaction and shipping to re-gasification and trading. Apart from its Malaysian production facility, currently one of the world's largest, PETRONAS also owns interests in LNG assets in Australia and Egypt.

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.

Progress Energy Resources Corp.
Greg Kist
Vice President, Marketing, Corporate and Government Relations
403-539-1809
[email protected]