The Company's principal activity is exploration, development and production of petroleum and natural gas in British Columbia and Alberta. The Company's financial statements are stated in Canadian dollars and prepared in accordance with Canadian generally accepted accounting principles. The Company follows the full cost method of accounting for petroleum and natural gas operations. The Company controls over 465,000 acres of exploration land. The Company is listed on the Toronto Stock Exchange under the symbol PXE. On 15-Dec-2008, it acquired Progress Energy Ltd.
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