Pengrowth Announces Completion of the Sale of Its Non-Core Weyburn Asset

Pengrowth Announces Completion of the Sale of Its Non-Core Weyburn Asset 
CALGARY, ALBERTA -- (Marketwire) -- 03/11/13 -- Pengrowth Energy
Corporation (TSX:PGF) (NYSE:PGH) is pleased to announce that it has
completed the previously-announced divestiture of its non-core
Weyburn asset. Proceeds from the sale were approximately $316.0
million, net of interim closing adjustments. Proceeds will be used to
repay all outstanding bank debt and will partially fund Pengrowth's
2013 capital program.  
This leaves Pengrowth undrawn on its $1.0 billion credit facility and
with approximately $1.6 billion of long-term debt outstanding,
composed of long-term notes and convertible debentures.  
As previously announced, Pengrowth is in the process of divesting
additional assets with up to $700 million of value. The company will
update the market on the progress of its disposition program over the
coming months. Pengrowth intends to use proceeds from this divesture
program to fund the first commercial phase of the Lindbergh thermal
project in 2014 and to reduce debt further, while protecting the
sustainability of Pengrowth's dividend.  
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 the Swan Hills light oil, Cardium
light oil and Lindbergh thermal bitumen projects. 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". 
Derek Evans, President and Chief Executive Officer 
All amounts are stated in Canadian dollars unless otherwise
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, statements with
respect to use of sale proceeds, future asset divestitures, future
capital expenditures and dividends. Statements relating to "reserves"
are deemed to be 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 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
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;
the failure to qualify as a mutual fund trust; 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, 2013.  
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.
Investor Relations
(403) 233-0224 or Toll Free: 1-888-744-1111
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