Progress Energy Resources Corp (Progress) is engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves in the provinces of British Columbia and Alberta. Its Primary operating regions include the Deep Basin of northwest Alberta and the northeast British Columbia Foothills. During the year ended December 31, 2011, the Company’s production averaged 43,444 barrels of oil equivalent (boe) per day, consisting of 226,407 thousand cubic feet (mcf) per day of natural gas, 2,086 barrels (bbls) per day of crude oil and 3,624 bbls per day of natural gas liquids. In 2011, it drilled 59 gross wells (50.5 net) including 45 gross wells (38.7 net) in the Foothills region and 14 gross wells (11.8 net) in the Deep Basin region. On March 31, 2011, Progress sold its Two Creek, Alberta property. In December 2012, PETRONAS Carigali Canada Ltd. tookover the Company.