Progress Energy Increases Exchangeable Share Ratio Effective May 15, 2008

Thu May 1, 10:15 PM

CALGARY, May 1 /CNW/ - (TSX - PGX.UN) Progress Energy Trust ("Progress" or the "Trust") today announced the increase to the Exchange Ratio of the Exchangeable Shares of Progress Energy Ltd. from 1.50016 to 1.51065. This increase will be effective on May 15, 2008.

The following are the details of the calculation of the Exchange Ratio:

    
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    Record date of Progress Energy Trust distribution         April 30, 2008
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    Opening Exchange Ratio                                           1.50016
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    Progress Energy Trust distribution per unit                        $0.10
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    Five day weighted average trading price of PGX.UN
     (prior to the end of the month)                                  $14.30
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    Increase in Exchange Ratio*                                    0.01049
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    Effective Date of the increase in the Exchange Ratio        May 15, 2008
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    Exchange Ratio as of Effective Date                              1.51065
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    (*) The increase in the Exchange Ratio is calculated by multiplying the
    Progress Energy Trust distribution per unit by the Exchange Ratio
    immediately prior to the Record Date and dividing by the five day
    weighted average trading price of Progress Energy Trust units.

Exchangeable Shares of Progress Energy Ltd. trade on the Toronto Stock Exchange under the symbol PGE. A holder of Progress Energy Ltd. Exchangeable Shares can exchange all or a portion of their holdings into Progress Energy Trust Units at any time, by giving notice to their investment advisor or Computershare Trust Company of Canada at its principal transfer office in Suite 710, 530-8th Avenue S.W., Calgary, Alberta, T2P 3S8.

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 these 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

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