Petronas of Malaysia to Acquire Progress Energy for C$5.5 Billion

Petronas, a Malaysian national oil and gas company, and Calgary-based Progress Energy Resources Corporation announced that Petronas’s 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. Progress is focused on exploration, development and production of large, unconventional natural gas resources in northeast British Columbia and northwest Alberta.