Nouveau Monde Graphite Inc. press release
Progress Energy Trust Announces Third Quarter Cash Distribution and Operational Update
TSX - Toronto Stock Exchange · Graphite · Canada
CALGARY, July 15 /CNW/ - (TSX-PGX.UN) -- The Board of Directors of Progress Energy Ltd. today announced that it has established the monthly distribution at $0.14 per trust unit for Progress Energy Trust ("Progress" or "Trust") for the third quarter of 2005. A monthly distribution of $0.14 per trust unit has been declared for the month of July. The distribution will be paid on August 15, 2005 to unitholders of record on July 31, 2005. The ex- distribution date is expected to be July 27, 2005.
Record Date Payable Date Distribution per unit July 31 August 15 $0.14 August 31 September 15 $0.14(x) September 30 October 17 $0.14(x)
(x)Estimated distributions based upon current commodity price outlook and are subject to change.
OPERATIONS UPDATE Progress farms-in on lands in the Deep Basin area During the second quarter, Progress continued to strengthen its land position in the Deep Basin area through a farm-in arrangement with a large U.S. producer. The Trust will earn 22 sections of land contiguous with its existing land base which encompasses nearly 160,000 net undeveloped acres in this multi-zone, gas prone region. In total, Progress holds nearly 600,000 net acres of undeveloped land.
Drilling success continues in the second quarter During the second quarter, Progress drilled 8 gross wells (4.5 net) with a 78 percent success rate which included three gross wells (2.2 net) in the Deep Basin of northwest Alberta, three wells (1.2 net) in northeast British Columbia and two wells (1.1 net) in south central Alberta. The Trust currently has four drilling and four service rigs operating on its lands.
Production at full capacity after McMahon turnaround Daily production for the second quarter averaged approximately 17,550 barrels of oil equivalent (BOE) which includes the impact of the previously planned and announced McMahon gas processing facility shutdown. The McMahon facility has returned to full capacity and Progress' current production rate is approximately 18,300 BOE per day with approximately 500 BOE per day awaiting tie-in.
Gas hedging program completed for winter 2005/2006 Progress recently completed its winter 2005/2006 hedging program through a series of costless collars on approximately 10,000 gigajoules (GJ) per day at an average floor price of C$8.33 per GJ and an average ceiling of C$9.80 per GJ at AECO. The Trust has hedged 40,000 GJ per day, or close to one-half of its before royalty gas production, for next winter at an average floor of C$7.87 per GJ and an average ceiling of C$9.70 per GJ at AECO. The Trust uses a consistent hedging program as a means to protect its cash flows and provide greater certainty of distributions.
Progress is a Calgary based, natural gas focused trust targeting sustainable production and reserves per unit through the utilization of its technical capability and capital investment efficiencies. Primary operating areas include the Deep Basin of northwest Alberta and the Foothills and Plains regions of northeast British Columbia. Units of Progress trade on the Toronto Stock Exchange (TSX) under the symbol PGX.UN. Exchangeable Shares of Progress Energy Ltd. trade on the TSX under the symbol PGE and its convertible debentures trade on the TSX under the symbol PGX.DB.
Forward-Looking Statements - Certain information regarding Progress set forth in this document, including management's assessment of Progress's future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Progress's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Progress's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Progress will derive therefrom. %SEDAR: 00009589E