Progress Energy Resources Corp. (PRQ.TO) is now up 5% at $14.65, but well off a 20 month high of $15.65 hit earlier after announcing it has executed a binding framework agreement to create a strategic partnership with the Malaysian national oil company, PETRONAS, to develop a portion of Progress' Montney shale assets in the Foothills of northeast British Columbia.
Progress will sell 50% of its working interest in its Altares, Lily and Kahta properties to PETRONAS for CDN$1.07 billion. The agreement also reflects the desire by both parties to explore additional opportunities to develop liquefied natural gas ( LNG ) export capacity in British Columbia.
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