CALGARY, ALBERTA–(Marketwired – Nov. 3, 2017) – Pengrowth Energy Corporation (TSX:PGF)(NYSE:PGH) today announced that it has entered into an agreement for the sale of its Quirk Creek assets in Southern Alberta for total cash consideration of $6.5 million, subject to customary adjustments. The sale includes the Quirk Creek sour gas plant and associated gathering systems related to the production of sour gas and liquids.
Quirk Creek generated average daily production of approximately 1,900 barrels of oil equivalent (boe) per day (weighted approximately 70 percent towards natural gas) during the third quarter of 2017 and had 12.3 million boe of Proved plus Probable (2P) reserves attributed to the assets as at December 31, 2016, according to the independent reserve evaluators GLJ Petroleum Consultants Ltd.
The effective date of the sale is November 1, 2017 and closing is expected to occur during the fourth quarter of 2017, subject to the receipt of all necessary regulatory approvals and the satisfaction of other customary closing conditions.
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 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
Derek Evans, President and Chief Executive Officer