Announces management changes
CALGARY, Feb. 15 /CNW/ - (TSX-PGX.UN) - Progress Energy Trust ("Progress" or the "Trust") today confirmed a distribution of $0.10 per Trust unit for the month of February. The distribution will be paid on March 17, 2008 to unitholders of record on February 29, 2008. The ex-distribution date is expected to be February 27, 2008.
Management Changes
Progress announces that Mr. Neil Samis, Vice President, Production will be retiring effective March 31, 2008. Neil has been a key contributor to the success of Progress Energy Trust and its predecessor Progress Energy since he joined the Company in 2002. The management, Board of Directors and employees of Progress wish him good health and happiness in his retirement. Neil will be available to the Company on an advisory basis.
Mr. Daniel Topolinsky has been promoted to Senior Vice President, Exploration and will continue to be responsible for all aspects of the company's exploration program. Mr. Gary Miller has been promoted to Vice President, Operations with responsibility for field operations, facilities and environment, health and safety. Gary has been with Progress since 2004. Mr. Jim Stannard has been promoted to Vice President, Engineering and will be responsible for exploitation and production engineering as well as drilling and completions. Jim has been with Progress since 2002.
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.
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