Killajoules

PETRONAS and Progress Welcome Favourable Investment Canada Ruling
PETRONAS and Progress Energy Resources Corp. (Progress) welcome the Canadian Minister of Industry’s decision to approve the acquisition of Progress by PETRONAS Carigali Canada Ltd. (PETRONAS Canada), which will help develop Canadian natural gas for the global liquefied natural gas (LNG) export market.

PETRONAS to Acquire Progress Energy
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.

Progress Energy Announces the Closing of its Strategic Partnership with PETRONAS
Progress Energy Resources Corp. (“Progress” or the “Company”) (TSX:PRQ) announced today that it has closed the previously announced transaction to create a strategic
partnership with the Malaysian national oil and gas company, PETRONAS, to develop a portion of Progress’ Montney shale assets in the Foothills of northeast British Columbia (the “Transaction”). Under the Transaction, PETRONAS acquired 50 percent of Progress’ working interest in the Altares, Lily and Kahta properties (the “North Montney Joint
Venture”).

Progress Energy Announces Strategic Partnership with PETRONAS to Develop Montney Shale Assets
Progress Energy Resources Corp. (“Progress” or the “Company”) (TSX: PRQ) announced today it has executed a binding framework agreement to create a strategic partnership with the Malaysian national oil company, PETRONAS, to develop a portion of Progress’ Montney shale assets in the Foothills of northeast British Columbia (the “Transaction”). Progress will sell 50 percent of its working interest in its Altares, Lily and Kahta properties (the “North Montney Joint Venture”) to PETRONAS for CDN$1.07 billion. The agreement also reflects the desire by both parties to explore additional opportunities to develop liquefied natural gas (LNG) export capacity in British Columbia.