Progress seeks to address Ottawa's concerns

CALGARY, Alberta Sat Oct 20, 2012 5:44pm EDT

Motorists pump gas at Petronas petrol station in Putrajaya January 27, 2011. REUTERS/Bazuki Muhammad (

Motorists pump gas at Petronas petrol station in Putrajaya January 27, 2011.

Credit: Reuters/Bazuki Muhammad (

CALGARY, Alberta (Reuters) - Progress Energy Resources Corp said on Saturday that it would take the next 30 days to determine the nature of concerns that led to Ottawa's rejection of its takeover by Malaysia's Petronas and try to find remedies.

Chief Executive Michael Culbert said in a statement that Progress's board and staff were disappointed by the 11th-hour rejection announced late Friday. He stressed that the long-term health of Canada's gas industry and the future of liquefied natural gas exports were dependent on investment by international companies such as Petronas.

(Reporting by Jeffrey Jones; Editing by Bill Trott)