CALGARY, ALBERTA–(Marketwired – July 6, 2017) – Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) announces that it has closed its previously announced sale of a portion of its Swan Hills assets in North Central Alberta for total cash consideration of $185 million, before closing adjustments. The Company continues to work on finalizing the previously announced sale of the remainder of its Swan Hills assets.
The proceeds from this sale will be used to further strengthen the Company’s balance sheet.
“Our successful asset divestiture program has provided us with cash proceeds that have allowed us to reduce our outstanding debt by over $670 million thus far in 2017,” said Derek Evans, President and CEO of Pengrowth Energy. “We will continue with additional asset dispositions as a means to further strengthen our balance sheet and enhance our financial flexibility to allow us to pursue our strategic objectives.”
Pengrowth Energy Corporation is a Canadian intermediate energy company focused on the sustainable development and production of oil and natural gas in Western Canada. 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