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Progress Energy Strong Operational Results

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Progress Energy Resources Corp. (PRQ.TO), which lost 5% and touched within a $1 of its year low $11.55 on Monday, said it continues to deliver strong operational results from its capital investment program. Focused investment in the North Montney unconventional shales in northeast British Columbia has resulted in the company achieving its production goal of exiting 2011 at 50,000 boe per day, 11% higher than its 2010 exit rate. Progress is targeting to exit 2012 at approximately 60,000 boe per day or approximately 20% higher than 2011. Currently the company has seven drilling rigs operating with three on its North Montney acreage, three on its North Montney Joint Venture with PETRONAS and one pursuing its Dunvegan light oil play in Alberta.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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