Mr. Derek Evans reports

PENGROWTH ENERGY CORPORATION CONFIRMS CDN $0.04 CASH DIVIDEND PAYABLE SEPTEMBER 15, 2014

Pengrowth Energy Corp. has declared its Sept. 15, 2014, cash dividend to be four cents per common share. The ex dividend date is Aug. 20, 2014. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of Aug. 22, 2014.

The dividend of four cents per common share is equivalent to approximately 3.7 U.S. cents per common share using a Canadian/U.S. dollar exchange rate of one Canadian dollar to 91.37 U.S. cents. The actual U.S.-dollar equivalent of the dividend will be based upon the actual Canadian/U.S. dollar exchange rate in effect on the payment date, net of applicable Canadian withholding taxes for U.S. residents who hold their Pengrowth shares in taxable accounts.

The above dividend has been designated as an eligible dividend for Canadian income tax purposes. Pengrowth's dividends are also considered qualified dividends for U.S. income tax purposes.