Business
Progress Merger Closes Creating Premier Exploration and Production Company
CALGARY, Jan. 15 /CNW/ - Progress Energy Resources Corp., formerly ProEx Energy Ltd., ("Progress"...
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 15 /CNW/ - Progress Energy Resources Corp., formerly ProEx\nEnergy Ltd., ("Progress" or the "Company") today announced the closing of the\nbusiness combination between Progress Energy Trust ("Progress") and ProEx\nEnergy Ltd. ("ProEx"). On January 14, 2009, securityholders of both companies\nvoted strongly in favor of the Plan of Arrangement ("Arrangement") announced\non November 17, 2008.\n\n\n"We are pleased that shareholders have given overwhelming support to our\nannounced business combination," said Michael Culbert, President and Chief\nExecutive Officer of Progress. "We believe that our high quality assets,\ntalented staff, low cost structure and prudent financial management provide\nthe right combination to navigate through these challenging times in the\nequity and commodity markets and will make Progress a core holding for\ninvestors in the North American energy sector over the long run."\n\n\nToronto Stock Exchange\n\n\nThe Toronto Stock Exchange has conditionally approved the listing of the\nshares of ProEx issued pursuant to the Arrangement. It is anticipated that,\nsubject to approval of the Toronto Stock Exchange, trading in ProEx's common\nshares under the new name "Progress Energy Resources Corp." and the trading of\nthe debentures assumed by ProEx from Progress will occur on or about January\n21, 2009 and that Progress will trade under the new ticker symbol "PRQ". The\ntrust units of Progress, the exchangeable shares of PEL and the Progress\ndebentures will be delisted at this time as well.\n\n\nOperations Update\n\n\nProgress is currently producing over 36,000 barrels of oil equivalent per\nday. The Company's 2009 capital investment budget is set at between $340 to\n$360 million but with the current weak commodity environment, the Company has\nslowed the planned pace of capital investment for the first half of 2009.\nProgress expects to invest approximately 40 percent of its capital investment\nbudget in the first half of 2009 and maintain flexibility to expand or\ncontract the program in response to the commodity price outlook in the second\nhalf of 2009.\n\n\nPremier Natural Gas Assets\n\n\nThe business combination has created a mid-size, natural gas-weighted,\nexploration and production company. Th...