Progress Sells $1.1B Canada Gas Stake

Progress Energy Resourcesis selling a 50% stake in three Canadian shale gas fields toPetronas,The Wall Street Journalreports. The Malaysian state-owned oil company will pay a total of $1.1 billion for the acquisition.

The companies will also form a joint venture to explore exporting fuel and its properties will include five wells with minimal production. The companies will also export liquefied natural gas that will be 80% owned by Petronas and 20% by Progress.

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