CALGARY, ALBERTA–(Marketwired – Nov. 3, 2017) – Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) is pleased to report that it has closed the previously announced sale of its remaining Swan Hills assets in North Central Alberta for total cash consideration of $150 million, before customary closing adjustments.
The closing of the sale brings Pengrowth’s year to date disposition proceeds to nearly $1.0 billion, which has allowed the Company to materially reduce its outstanding debt. Since December 31, 2016, Pengrowth has repaid approximately $1.1 billion of term notes and convertible debentures. The net proceeds from the sale are expected to be applied towards further reducing the Company’s remaining outstanding debt.
The Company expects to provide an update to its 2017 guidance with the release of its third quarter results on November 9, 2017.
Pengrowth Energy Corporation is a Canadian intermediate energy company focused on the sustainable development and production of oil and natural gas in Western Canada from its Lindbergh thermal oil property and its Groundbirch Montney gas property. The Company is headquartered in Calgary, Alberta, Canada and has been operating in the Western Canadian Sedimentary 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”.