OTTAWA, ONTARIO--(Marketwire - Oct. 5, 2012) - The Honourable Christian Paradis, Minister of Industry, made the following statement:
"I can confirm that the timeline has been extended for the review of the proposed acquisition of Progress Energy Resources Corp. by PETRONAS Carigali Canada Ltd. (PETRONAS) under the Investment Canada Act.
"Extensions to the review period are not unusual. I will take the time necessary to conduct a thorough and careful review of any proposed investment under the Act.
"In making my determination, I carefully consider the plans, undertakings and other information submitted by the investor in light of the net benefit factors listed in section 20 of the Act.
"I approve applications under the Act if I am satisfied that the investment is likely to be of net benefit to Canada."