Mr. Derek Evans reports

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

Pengrowth Energy Corp.'s Dec. 15, 2014, cash dividend will be four cents per common share. The ex dividend date is Nov. 20, 2014. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of Nov. 24, 2014.

The dividend of four cents per common share is equivalent to approximately 3.5 U.S. cents per common share using a Canadian-/U.S.-dollar exchange rate of $1 (Canadian) to 88.10 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 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.

Pengrowth offers a dividend reinvestment program that provides eligible shareholders in Canada and the United States, with the opportunity to reinvest their dividends in new shares at a 5-per-cent discount to the average trading price (as calculated pursuant to the DRIP plan). Additional information on the DRIP is available at the company's website.