New York, NY - June 28, 2012 (Investorideas.com Newswire, www.naturalgasstocks.com) Investorideas.com, a leader in sector stock research for independent investors issues a trading snapshot for natural gas stock Progress Energy Resources Corp. (TSX:PRQ), trading up at $20.07, gaining $8.52 or (73.77%) 11:04AM EDT on over 28 Million shares following news that it had entered into an agreement for the purchase by PETRONAS Canada of all of Progress' outstanding common shares at a cash price of C$20.45 per share.
Cash price of C$20.45 per Progress share Transaction has received
the unanimous approval of Progress’ Board of Directors PETRONAS brings
in LNG infrastructure and access to world markets through established
channels Canadian operations to remain based in Calgary for upstream
with commercial office in Vancouver for LNG
PETRONAS is the national oil and gas company of Malaysia.
Incorporated in 1974 the company, ranked among the most profitable among
the Fortune Global 500 entities, is engaged in the oil, gas and
petrochemicals industries with strategic business assets
and interests in more than 30 countries. It is one of the world’s
leading LNG companies and is fully involved in every value chain of the
LNG business, from liquefaction and shipping to re-gasification and
trading. Apart from its Malaysian production facility, currently one of
the world’s largest, PETRONAS also owns interests in LNG assets in
Australia and Egypt.
About Progress Energy
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