Progress seeks to address Ottawa's concerns

Published October 20, 2012

| Reuters

CALGARY, Alberta, Oct 20 (Reuters) - Progress Energy Resources Corp said on Saturday that it would take the next 30 days to determine the nature of concerns that led to Ottawa's rejection of its takeover by Malaysia's Petronas and try to find remedies.

Chief Executive Michael Culbert said in a statement that Progress's board and staff were disappointed by the 11th-hour rejection announced late Friday. He stressed that the long-term health of Canada's gas industry and the future of liquefied natural gas exports were dependent on investment by international companies such as Petronas.

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