Progress Energy Canada Finalizes Agreement With JAPEX

Progress Energy Canada Ltd., Pacific NorthWest LNG Ltd. and Petroliam Nasional Berhad (PETRONAS) announced today that they have finalized a deal with JAPEX Montney Ltd., the Canadian subsidiary of Japan Petroleum Exploration Co. Ltd. (JAPEX), whereby JAPEX will acquire a 10% interest in Progress Energy Canada’s natural gas assets in northeast British Columbia and in the proposed Pacific NorthWest LNG export facility near Prince Rupert, B.C. As part of the transaction, JAPEX will buy a 10% share of the production from the LNG facility for a minimum of 20 years for domestic use in Japan.

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