Progress Energy Resources

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Not to be confused with Progress Energy Inc.
Progress Energy Resources Corp.
Type Subsidiary
Industry Oil and gas
Headquarters Calgary, Alberta, Canada
Key people David D. Johnson (Chairman)
Michael R. Culbert (President and CEO)
Revenue $390.741 million CAN (2010)
Total equity $3 billion CAD(2011)[1]
Employees 129
Parent Petronas
Website www.progressenergy.com

Progress Energy Resources Corp. is a natural gas weighted exploration and production company based in Calgary, Alberta, Canada. It was listed on the Toronto Stock Exchange under the symbol PRQ. The company has a market capitalization of approximately C$3 billion.

History

In 2001, Progress Energy Ltd. was recapitalized by members of the current management team. In 2004, Progress merges with Cequel Energy Inc., to form Progress Energy Trust and ProEx Energy Ltd. In 2007, Progress and ProEx acquire BG Group's Canadian assets in northeast British Columbia and northwest Alberta. In 2009, Progress and ProEx combine to form Progress Energy Resources Corp. with production of over 35,000 bbl/d (5,600 m3/d) equivalent. In 2010, Progress acquires Suncor Energy's northeast British Columbia assets bringing total production to over 40,000 bbl/d (6,400 m3/d) equivalent.

In June 2012, Petronas Carigali Canada, a subsidiary of Petronas, announced its intent to acquire Progress Energy for C$5.5 billion.[2] On October 19, 2012, the Canadian government rejected the acquisition, citing that "the proposed investment is [not] likely to be of net benefit to Canada." [3] However, the Canadian government encouraged Petronas to reapply with a new offer, and the deal was approved on December 7, 2012.[4]

Operations

Progress is focused on natural gas development in Western Canada. The company's assets are concentrated in the Foothills of northeast British Columbia and the Deep Basin of northwest Alberta where it has built an enviable land, reserves and production base.

Corporate governance

Current members of the board of directors of Progress Energy are:

  • David D. Johnson
  • Michael R. Culbert
  • Donald F. Archibald
  • John A. Brussa
  • Howard Crone
  • R.Scott Lawrence
  • Brian McLachlan
  • Gary E. Perron
  • Terrance Svarich

See also

References

  1. ↑ "Company Profile for Progress Energy Trust (CA;PGX.UN)". Retrieved 2008-10-09. 
  2. ↑ "Petronas in $5.4bn Progress buy". Upstream Online (NHST Media Group). 2012-06-28. Retrieved 2012-06-28. 
  3. ↑ "Canada Rejects Petronas's Bid for Progress Energy". Reuters. 2012-10-20. Retrieved 2012-10-20. 
  4. ↑ http://www.canada.com/news/national/Government+approves+CNOOC+Nexen+Petronas+Progress+takeover+bids/7668195/story.html

External links

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