Plan Of Arrangement Detail

Progress Energy Ltd. and Cequel Energy Inc. jointly announced today that their respective Boards 
of Directors have unanimously approved a proposal to combine the two entities and create Progress 
Energy Trust, a new oil and gas trust and two publicly listed, exploration-focused producers ProEx 
Energy and Cyries Energy.

As a result of the proposed combination, shareholders of Progress will receive one trust unit or 
exchangeable share of Progress Energy Trust and one share in each of ProEx Energy and Cyries 
Energy and, Cequel shareholders will receive 0.695 trust units or exchangeable shares of Progress 
Energy Trust and 0.695 of a share in each of ProEx Exploration and Cyries Energy (prior to a 
planned five for one share consolidation).

                                       Units              Shares                Shares
Plan Of Arrangement                 Energy Trust       ProEx Energy          Cyries Energy
Progress Energy –  600 Shares           600                 600                   600
Cequel Energy   - 1000 Shares           695                 695                   695
Sub Totals                             1295                1295                  1295
Totals after share consolidation       1295                 259                   259