PETRONAS Acquires Progress Energy Resources for $5.8B

PETRONAS, the Malaysian national oil company, completed the acquisition through its Canadian subsidiary of Progress Energy Resources Corp. on December 12, 2012. The transaction was valued at approximately $5.8 billion. Progress is a Canadian corporation with substantial natural gas resources in western Canada. PETRONAS and Progress are working to develop a Liquefied Natural Gas (LNG) business in Canada involving the construction of an LNG export facility on the coast of British Columbia, the continued upstream development of natural gas production and the installation of a natural gas transmission pipeline to move natural gas from the production fields to the LNG export facility.

PETRONAS was represented by Norton Rose Canada LLP, with a team led by Kevin Johnson and Chrysten Perry and including, John Carleton, Darren Hueppelsheuser, Dion Legge, Michael Bennett, Marlow Gereluk, Robert Froehlich and Jason Metcalf.

Progress Energy Resources Corp. was represented by Burnet, Duckworth & Palmer LLP with a team that included Gary Bugeaud, John Brussa, Shannon Gangl, Alyson Goldman, Jody Wivcharuk, John Cuthbertson, Heather DiGregorio, Trish Fehr and Lindsay Cox.