When and how was Progress created?
Progress was created through the merger of Progress Energy Trust and ProEx Energy in 2009.
Why did Progress convert from a trust to a corporation?
Progress converted from a trust in response to the Jan 1st, 2011 federally-mandated end to income trust tax breaks.
Where does Progress common equity listed and what is is the ticker symbol?
Progress trades on the Toronto Stock Exchange under the symbol PRQ.
Does Progress have any preferred securities outstanding?
No; all common shares are of the same class with equal rights and privileges.
Does Progress pay a dividend?
Yes, Progress has paid a $0.10 per share dividend on a quarterly basis since 2009. The Board of Directors announced on May 9th, 2011 that the second quarter 2011 eligible dividend will be maintained at $0.10 per share.
Does Progress have a Dividend Reinvestment Program?
Yes, the dividend reinvestment plan (“DRIP”) allows eligible shareholders of Progress to direct that their cash dividends be reinvested in additional common shares which, when issued from treasury, will be issued at 95 percent of the Average Market Price (as defined in the DRIP) on the applicable dividend payment date.
What is Progress’ current production?
Production for Q1 2011 was 44,356 boed; Progress has current productive capability of approximately 46,000 boed with approximately 1,000 boed awaiting tie-in after 2011 spring break-up.
What is Progress’ production split between oil and gas?
Progress production is 88% natural gas and 12% oil and NGL.
What is Progress’ capital budget for 2011?
$350MM
What is Progress’ reserve life index?
Year end 2010, P+P reserves have an estimated 15 year reserve life index.
Who evaluates Progress’ reserves?
GLJ Petroleum Consultants Ltd.
What is Progress’ hedging policy?
Progress’ hedging activities are conducted pursuant to the Company’s Risk Management Policy, approved by the Board of Directors. The Risk Management Policy has the following objectives:
- To reduce risk exposure to budgeted annual petroleum and natural gas revenue projections resulting from uncertainty or changes in commodity prices, interest rates or foreign exchange
- To limit the permissible structures to ensure hedging effectiveness
- To limit hedging up to a maximum of 50 percent of budgeted annual production before royalties
- To limit hedging activity to counterparties which provide sufficient collateral in support of payment or have investment grade credit ratings
When will Progress begin reporting its financial results in accordance with IFRS?
Progress began reporting under IFRS with its interim consolidated financial statements for Q1. The adoption of IFRS has not had an impact on the Company’s operations, strategic decisions or cash flow from operations before changes in non-cash working capital.
Where can I get a copy of Progress annual report?
Consolidated Financial Statements and Notes to the Consolidated Financial Statements and Management’s Discussion and Analysis for Progress Energy Resources Corp. have been filed on SEDAR (www.sedar.com) under Progress Energy Resources Corp. and can also be accessed on our website.
Who can I contact for further questions or to request information?
Greg Kist, Vice President, Investor Relations and Marketing. PH: 1-403-539-1809 Email: gkist@progressenergy.com