Painted Pony Pete Ltd PDPYF

from the progress web site

[hoffbag]

CALGARY, AB June 28, 2012 PETRONAS, the Malaysian national oil and gas company, and Progress Energy Resources Corp. (Progress) (TSX:PRQ) today announced that PETRONAS Canadian subsidiary, PETRONAS Carigali Canada Ltd (PETRONAS Canada), and Progress have entered into an agreement for the purchase by PETRONAS Canada of all of Progress outstanding common shares at a cash price of C$20.45 per share. Including the amount to be paid for Progress outstanding convertible debentures, the transaction is valued at approximately C$5.5 billion. The transaction is to be completed by way of an arrangement under the Business Corporations Act (Alberta). Together with its North Montney Joint Venture partners, Japan Petroleum Exploration Co., Ltd. (JAPEX), PetroleumBRUNEI, IndianOil Corporation, and Sinopec-China Huadian, Progress is the largest natural gas reserves owner in Canada with approximately 800,000 acres of largely contiguous mineral rights in the North Montney and over 52 trillion cubic feet of reserves and contingent resources. Progress is the operator of the joint venture, which has more than 15,000 identified drilling locations