Pengrowth Announces Closing of $300 Million Olds/Garrington Area Asset Sale
CALGARY, ALBERTA--(Marketwired - Aug. 11, 2017) - Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) is pleased to
report that it has closed the previously announced sale of its Olds/Garrington area assets in Central Alberta for cash
consideration of $300 million, before customary closing adjustments.
The sale proceeds will provide the Company with additional financial flexibility and help improve its balance sheet strength.
The Company continues to seek out opportunities to further reduce outstanding debt and improve its balance sheet through
additional asset dispositions.
About Pengrowth:
Pengrowth Energy Corporation is a Canadian intermediate energy company focused on the sustainable development and
production of oil and natural gas in Western Canada from its Lindbergh thermal oil property and its Groundbirch Montney gas
property. The Company is headquartered in Calgary, Alberta, Canada and has been operating in the Western basin for over 28 years.
The Company's shares trade on both the Toronto Stock Exchange under the symbol "PGF" and on the New York Stock Exchange under the
symbol "PGH".
PENGROWTH ENERGY CORPORATION
Derek Evans, President and Chief Executive Officer
For further information about Pengrowth, please visit our website www.pengrowth.com or contact: Investor Relations, E-mail: investorrelations@pengrowth.com
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements within the meaning of securities laws, including the "safe harbour"
provisions of the Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995.
Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect",
"plan", "intend", "forecast", "target", "project", "guidance", "may", "will", "should", "could", "estimate", "predict" or similar
words suggesting future outcomes or language suggesting an outlook. Forward-looking statements in this press release include, but
are not limited to: asset sales initiatives and using the proceeds from divestitures to improve balance sheet strength.
Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently
available to Pengrowth concerning anticipated financial performance, business prospects, strategies and regulatory developments.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove
to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and
risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not
to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially
from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to: changes in general economic, market and business conditions; the
volatility of oil and gas prices; fluctuations in production and development costs and capital expenditures; the imprecision of
reserve estimates and estimates of recoverable quantities of oil, natural gas and liquids; Pengrowth's ability to replace and
expand oil and gas reserves; geological, technical, drilling and processing problems and other difficulties in producing
reserves; environmental claims and liabilities; incorrect assessments of value when making acquisitions; increases in debt
service charges; the loss of key personnel; the marketability of production; defaults by third party operators; unforeseen title
defects; fluctuations in foreign currency and exchange rates; fluctuations in interest rates; inadequate insurance coverage;
compliance with environmental laws and regulations; actions by governmental or regulatory agencies, including changes in tax
laws; Pengrowth's ability to access external sources of debt and equity capital; the impact of foreign and domestic government
programs and the occurrence of unexpected events involved in the operation and development of oil and gas properties. Further
information regarding these factors may be found under the heading "Business Risks" in our most recent management's discussion
and analysis and under "Risk Factors" in our Annual Information Form dated February 28, 2017.
The foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements
to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential
events. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press
release, and Pengrowth does not undertake any obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. The
forward-looking statements contained in this press release are expressly qualified by this cautionary statement.