CALGARY – Pengrowth Energy Corporation (“Pengrowth” or the “Company”) (TSX:PGF, OTCQX:PGHEF) today announced that, following the requisite shareholder and secured debt holder approvals having been obtained at the special meetings, it has obtained a final order of the Court of Queen’s Bench of Alberta approving the plan of arrangement (the “Arrangement”), pursuant to which Cona Resources Ltd. will acquire all of the outstanding common shares of Pengrowth.
Pengrowth anticipates that the Arrangement will close on or about January 7, 2020, subject to the satisfaction or waiver of all other conditions to the Arrangement. Shareholders at the closing of the Arrangement will be entitled to receive $0.05 per share, along with a right to each shareholder’s pro-rata portion of any proceeds received by Pengrowth with respect to an ongoing litigation matter (the “GVR Litigation”) with Grand Valley Resources Corp. (“GVR”). As previously announced, on December 17, 2019 the Court of Queen’s Bench of Alberta issued a decision in favour of Pengrowth in respect of the GVR Litigation. GVR has one month from the date of the Court’s decision to file an appeal.
Pengrowth’s shares will cease to trade on the Toronto Stock Exchange and the OTC on the date of closing, and will be de-listed shortly thereafter.
ABOUT PENGROWTH ENERGY CORPORATION (TSX: PGF):
Pengrowth Energy Corporation is a Canadian 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 basin for more than 30 years. The Company’s shares trade on both the Toronto Stock Exchange under the symbol “PGF” and on the OTCQX under the symbol “PGHEF”.