Operational Updates
Progress Announces Second Quarter Montney Results; Update Petronas Acquisition
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On June 27, 2012 Progress entered into an arrangement agreement (the “Arrangement”) with PETRONAS International Corporation Ltd. (“PICL”) and PETRONAS Carigali Canada Ltd. (“PETRONAS Canada”) for the purchase by PETRONAS Canada of all of Progress’ outstanding common shares as amended on July 19, 2012.
Further, on July 27, 2012 Progress announced it had entered into an amending agreement with PICL and PETRONAS Canada to increase the consideration payable for the common shares from $20.45 to $22.00 per common share.
The increase in the consideration resulted from Progress having received an unsolicited proposal from a third party. The special meeting of holders of common shares and debentures is scheduled to be held on August 28, 2012.
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