Pengrowth Energy Corporation Announces Acquisition of

Pengrowth Energy Corporation Announces Acquisition of Additional
Lochend Cardium Assets 
CALGARY, ALBERTA -- (Marketwire) -- 11/06/12 -- Pengrowth Energy
Corporation (TSX:PGF) (NYSE:PGH) is pleased to announce that it has
acquired additional Lochend Cardium assets with production capability
of approximately 650 boe/d, weighted 95 percent to light oil.  
The assets acquired complement and consolidate Pengrowth's position
in the Alberta Lochend Cardium light oil resource play, bringing the
company's Lochend Cardium land holdings to 44 net sections. The
assets will provide Pengrowth with high-netback oil production and
solidify the company's dominant position within the play and increase
its inventory of drill ready locations to approximately 105.  
Key attributes of the Cardium assets acquired:  


 
--  Current production capability of 650 boe/d and netbacks of approximately
    $59/boe 
    
--  11 (10.3 net) sections of land in the most productive part of the
    Cardium fairway 
    
--  32 net, internally identified low-risk drilling locations 
    
--  Offsetting analog bookings between 150,000 and 250,000 boe per well. 

 
"I'm excited about this transaction, which allows us to consolidate
assets in one of our main operating areas," said Derek Evans,
President and CEO of Pengrowth Energy Corporation. "The acquired
assets increase our land position in the defined high deliverability
Cardium fairway and provide additional access to infrastructure in
the area."   
The acquisition closed on November 2, 2012 with an effective date of
October 1, 2012.  
About Pengrowth:  
Pengrowth Energy Corporation is a dividend-paying, intermediate
Canadian producer of oil and natural gas, headquartered in Calgary,
Alberta. Pengrowth's assets include Swan Hills light oil, Cardium
light oil and the Lindbergh thermal bitumen project. Pengrowth'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 
Advisory Regarding Reserves and Production Information  
All amounts are stated in Canadian dollars unless otherwise
specified. All reserves, reserve life index, and production
information herein is based up
on Pengrowth's company interest
(Pengrowth's working interest share of reserves or production plus
Pengrowth's royalty interest, being Pengrowth's interest in
production and payment that is based on the gross production at the
wellhead), before royalties.  
Caution Regarding Forward Looking Information  
This press release contains forward-looking statements within the
meaning of securities laws, including the "safe harbour" provisions
of 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, future drilling
locations, production capacity, potential reserve bookings and
development plans. Statements relating to reserves are
forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions that the reserves
described exist in the quantities predicted or estimated and can
profitably be produced in the future.  
Forward-looking statements and information contained in this press
release are based on Pengrowth's current beliefs as well as
assumptions made by, and information currently available to,
Pengrowth concerning general economic and financial market
conditions; anticipated financial performance; business prospects,
strategies; regulatory developments; including in respect of
taxation; royalty rates and environmental protection; future capital
expenditures and the timing thereof; future oil and natural gas
commodity prices and differentials between light, medium and heavy
oil prices; future oil and natural gas production levels; future
exchange rates and interest rates; the proceeds of anticipated
divestitures; the amount of future cash dividends paid by Pengrowth;
the cost of expanding our property holdings; our ability to obtain
labour and equipment in a timely manner to carry out development
activities; our ability to market our oil and natural gas
successfully to current and new customers; the impact of increasing
competition; our ability to obtain financing on acceptable terms and
our ability to add production and reserves through our development
and exploration activities. 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, the forward-looking statements included in this
press release 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: the volatility of oil and gas prices; production and
development costs and capital expenditures; the imprecision of
reserve and resource estimates and estimates of recoverable
quantities of oil, natural gas and liquids; Pengrowth's ability to
replace and expand oil and gas 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; inadequate insurance coverage; changes in
environmental or other legislation applicable to our operations, and
our ability to comply with current and future environmental and other
laws and regulations; actions by governmental or regulatory
authorities including changes in royalty structures and programs and
income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry; our ability to access external
sources of debt and equity capital, various risks associated with our
Lindbergh SAGD project, and the implementation of greenhouse gas
emissions legislation. Further information regarding these factors
may be found under the heading "Risk Factors" in our most recent
Annual Information Form under the heading "Business Risks" in our
most recent year-end Management's Discussion and Analysis and in our
most recent consolidated financial statements, management information
circular, quarterly reports, material change reports and news
releases. Copies of our Canadian public filings are available on
SEDAR at www.sedar.comwww.sedar.com. Our U.S. public filings,
including our most recent Form 40-F as supplemented by our filings on
form 6-K, are available at www.sec.gov.edgar.shtml.  
Readers are cautioned that the foregoing list of factors that may
affect future results is not exhaustive. When relying on our
forward-looking statements to make decisions with respect to
Pengrowth, in
vestors 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 we do 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 law. 
The forward-looking statements contained in this press release are
expressly qualified by this cautionary statement. 
Note to US Readers  
Current SEC reporting requirements permit oil and gas companies, in
their filings with the SEC, to disclose probable and possible
reserves, in addition to the required disclosure of proved reserves.
Under current SEC requirements, net quantities of reserves are
required to be disclosed, which requires disclosure on an after
royalties basis and does not include reserves relating to the
interests of others. Because we are permitted to prepare our reserves
information in accordance with Canadian disclosure requirements, we
have included contingent resources, disclosed reserves before the
deduction of royalties and interests of others and determined and
disclosed our reserves and the estimated future net cash therefrom
using forecast prices and costs. See "Presentation of our Reserve
Information" in our most recent Annual Information Form or Form 40-F
for more information. 
We report our production and reserve quantities in accordance with
Canadian practices and specifically in accordance with NI 51-101.
These practices are different from the practices used to report
production and to estimate reserves in reports and other materials
filed with the SEC by companies in the United States.
Contacts:
Pengrowth
Investor Relations
(403) 233-0224 or Toll Free: 1-888-744-1111
investorrelations@pengrowth.com
www.pengrowth.com