PROGRESS ENERGY CANADA

Progress Energy is a mid-sized natural gas producer, operating in northwest Alberta and northeast British Columbia. Progress was acquired by PETRONAS, the Malaysian national oil and gas company in December 2012. Since 2008, Progress Energy has been transformed from a steady energy trust to a burgeoning explorer with growing production and a massive undeveloped land base. Today, we hold 1.3 million net undeveloped acres of highly prospective leases throughout Northeast British Columbia and Northwest Alberta. Approximately 820,000 of these acres are on the prolific Montney gas trend. From this land base, we have plans to double production in five years to 100,000 boe/d.