Progress Energy Trust Announces Second Quarter Cash Distribution

CALGARY, April 16 /CNW/ - (TSX-PGX.UN) - The Board of Directors of Progress Energy Ltd. today announced that it has set the distribution policy for the second quarter of 2007, maintaining monthly distributions at $0.10 per trust unit for Progress Energy Trust ("Progress" or "Trust"). Consequently, Progress has declared a distribution of $0.10 per trust unit for the month of April. The distribution will be paid on May 15, 2007 to unitholders of record on April 30, 2007. The ex-distribution date is expected to be April 26, 2007.

Record Date        Payable Date         Distribution per unit
April 30           May 15               $0.10
May 31             June 15              $0.10(x)
June 30            July 16              $0.10(x)

(x) Estimated distributions are based upon current commodity price
    outlook and are subject to change.

First Quarter Results and Annual and Special Meeting of Unitholders

Progress' first quarter operational and financial results will be announced after markets close on Wednesday, April 25, 2007. The Trust's Annual and Special Meeting of Unitholders is scheduled for 3:30 p.m. on Thursday, April 26 at the Calgary Petroleum Club.

Progress is a Calgary based, natural gas focused trust targeting sustainable production and reserves per unit through the utilization of its technical capability and capital investment efficiencies. Primary operating areas include the Deep Basin of northwest Alberta and the Foothills and Plains regions of northeast British Columbia. Units of Progress trade on the Toronto Stock Exchange (TSX) under the symbol PGX.UN. Exchangeable Shares of Progress Energy Ltd. trade on the TSX under the symbol PGE and its convertible debentures trade on the TSX under the symbols PGX.DB and PGX.DB.A.

Forward-Looking Statements - Certain information regarding Progress set forth in this document, including management's assessment of Progress' future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Progress' control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Progress' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Progress will derive therefrom.

In this news release, production and reserves information may be presented on boe basis with six mcf of natural gas being equivalent to one barrel ("barrel") of crude oil or natural gas liquids. Boe's may be misleading particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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