CALGARY, ALBERTA–(Marketwired – Jan. 6, 2017) – Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) announces that it has closed its previously announced sale of a non-convertible 4.0% gross overriding royalty interest on its Lindbergh thermal assets and an interest in certain proprietary seismic for $250 million of aggregate cash proceeds. The cash proceeds from the transaction help to further strengthen the Company’s balance sheet.
Pengrowth has been working on enhancing its financial flexibility ahead of its scheduled debt maturities in 2017. The Company exited 2016 with approximately $280 million of cash on its balance sheet and, taking into consideration the proceeds from the GORR sale, its current cash position has increased to approximately $530 million.
Pengrowth Energy Corporation is an intermediate Canadian producer of oil and natural gas, headquartered in Calgary, Alberta. Pengrowth’s assets include the Lindbergh thermal oil, Cardium light oil, Swan Hills light oil and the Groundbirch and Bernadet Montney gas 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”.