The Successful Investor, in the November, 2014, issue, refreshes its buy of Pengrowth Energy Corp., recently $5.02. The Investor said buy 17 times from August, 2005, to September, 2014, at prices ranging from $5.07 to $26. Assuming a $1,000 investment for each of the 17 buys, the $17,000 position is now worth $8,202. Pengrowth is moving away from its traditional oil and natural gas operations into new projects with better long-term potential, namely its Lindbergh oil sands development. The first phase of this project is expected to cost $630-million, start up in early 2015 and produce 12,500 barrels a day. Future phases should raise production to 50,000 barrels a day by 2020. To put this in perspective, Pengrowth produced 73,823 barrels a day in the second quarter of this year, weighted 56 per cent toward oil and natural gas liquids and 44 per cent toward natural gas. Pengrowth's cash flow will probably fall to $1.01 a share in 2014 from $1.09 a share in 2013 as the company works on Lindbergh. In 2015, however, once the project begins operating, cash flow should improve to $1.38 a share. The company currently trades at a low 3.6 times that forecast, and its four-cent monthly dividend yields 9.6 per cent. Buy.