Progress Energy Resources
<templatestyles src="Module:Hatnote/styles.css"></templatestyles>
| 200px | |
| 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] |
|
Number of employees
|
129 |
| Parent | Petronas |
| Website | www |
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 a 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
- History of the petroleum industry in Canada (natural gas)
- Natural Gas
- Canadian Centre for Energy Information
References
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ http://www.canada.com/news/national/Government+approves+CNOOC+Nexen+Petronas+Progress+takeover+bids/7668195/story.html
External links
- No URL found. Please specify a URL here or add one to Wikidata.
