OTTAWA, ONTARIO -- (Marketwire) -- 12/07/12 -- Today, the Honourable Christian Paradis, Minister of Industry, made the following statement regarding the application under the Investment Canada Act made by PETRONAS Carigali Canada Ltd. (Petronas) to acquire Progress Energy Resources Corp. (Progress):

"Under the Investment Canada Act, Petronas has satisfied me that, under existing Guidelines, their proposed transaction to acquire control of Progress is likely to be of net benefit to Canada.

"In making my determination, I carefully considered the plans, undertakings and other information submitted by Petronas in light of the net benefit factors listed in section 20 of the Act and existing Guidelines.

"To demonstrate that the transaction is likely to be of net benefit, Petronas has made significant commitments to Canada in the areas of governance, including commitments on transparency and disclosure; commercial orientation, including an adherence to Canadian laws and practices as well as free market principles; as well as employment and capital investments, which demonstrate a long-term commitment to the development of the Canadian economy."