2009-05-20-2007-05-01-2007-07-01

Bought assets in AB, involving 1.5 MMBOE proved & probable.

Progress Energy Trust, Calgary, (Toronto: PGX-UN) has closed its acquisition of assets in the Deep Basin in northwestern Alberta from an undisclosed seller for C$39.8 million. The assets include 31,000 net undeveloped acres in the Wapiti area contiguous with Progress' Gold Creek property. Production is 800 barrels of oil equivalent per day. Proved and probable reserves are 1.5 million barrels equivalent. Also included is ownership in area facilities, including the Wapiti Deep Cut gas plant, Big Mountain pipeline and a compressor station in the Wapiti/Gold Creek area. Progress president and chief executive Michael Culbert says, "This is the second acquisition of Deep Basin assets we have completed this year. Building upon our core position in the Gold Creek area, we added the Copton/Lynx and Ojay properties in April and now the Wapiti assets in May. In addition, we are aggressively adding additional prospective undeveloped lands both through area farm-ins on regional competitors and at Crown land sales."