Pengrowth Ships First Lindbergh Production on the Husky Sales Line, Reports Continued Strength in Lindbergh Production and Intent to Sell Up to $600 Million of Non-Core Assets

CALGARY, ALBERTA--(Marketwired - June 29, 2015) - Pengrowth (TSX:PGF)(NYSE:PGH) is pleased to report that construction and commissioning of its insulated sales line connecting the Lindbergh commercial facilities with the Husky pipeline, has been completed on time. Production from the commercial facilities has now been tied-in to the sales line, providing Pengrowth with additional transportation/marketing optionality. Pengrowth still retains the option to move production by rail to markets in an effort to maximize revenues and netbacks.

Growth in production from the Lindbergh thermal project continues to meet expectations and closely follows the performance that was established by the pilot wells over the initial months of production. Current production (five day period ending June 28, 2015) from the project is approximately 14,400 barrels per day (bbl/d) with an instantaneous steam oil ratio of 1.99x. Production ramp-up at Lindbergh remains on track to achieve production rates of 16,000 bbl/d by the end of the year.

As part of its emphasis on strengthening its balance sheet, the Company intends to sell up to $600 million of non-core assets by the end of the year. The proceeds from the expected dispositions will be used to reduce corporate indebtedness under the Company's credit facilities.

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 Cardium light oil, Lindbergh thermal bitumen and Swan Hills light oil 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".

PENGROWTH ENERGY CORPORATION

Derek Evans, President and Chief Executive Officer

For further information about Pengrowth, please visit our website www.pengrowth.com.

Caution Regarding Forward Looking Information:

In the interest of providing our shareholders and potential investors with information regarding us, including management's assessment of our future plans and operations, certain statements in this press release are 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 expected continued increase in Lindbergh production; expected use of both pipelines and rail to ship Lindbergh production, ability to maximize revenues and netbacks, expected year end production rates from Lindbergh; and expected asset dispositions as well as the related use of proceeds from the same.