Progress Energy Trust Confirms May Distribution

CALGARY, May 15 /CNW/ - (TSX-PGX.UN) - Progress Energy Trust ("Progress" or the "Trust") today confirmed a distribution of $0.10 per Trust unit for the month of May. The distribution will be paid on June 16, 2008 to unitholders of record on May 31, 2008. The ex-distribution date is expected to be May 28, 2008.

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 symbols PGX.DB and PGX.DB.A.

Forward-Looking Statements - Certain information regarding Progress set forth in this document, including management's assessment of Progress' 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' 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' 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.

Contacts

Mr. Michael Culbert
President & Chief Executive Officer
Phone: (403) 539-1820
Progress Energy Ltd.
1200
205 -5th Avenue S.W.
Calgary
Alberta
T2P 2V7

Mr. Greg Kist
Vice President
Investor Relations & Marketing
Phone: (403) 539-1809
Toll Free: 1-866-216-2510
Fax: (403) 216-2514
Email ir@progressenergy.com
Web: www.progressenergy.com