Progress Energy Resources Corp. 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 exploration and development programs focused on opportunities in the Montney formation in the Foothills region of northeast British Columbia and the Nikanassin in the Deep Basin region of northwest Alberta. Progress has production of approximately 45,000 barrels of oil equivalent per day of production focused in two of the premier areas of the Western Canadian Sedimentary Basin; the Deep Basin of Northwest Alberta and the Foothills of Northeast British Columbia. Within these areas, Progress focuses on two main play types which are fortuitously found in both areas; tight gas and Montney shales/silts. These areas are characterized by their multi-zone potential, extensive access to infrastructure and top tier economics due to a high heat content, sweet, liquids rich gas stream.