Progress Responds to Investment Canada Announcement

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.

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