Mr. Derek Evans reports

PENGROWTH ENERGY CORPORATION CONFIRMS CDN $0.04 CASH DIVIDEND PAYABLE JANUARY 15, 2015 AND PROVIDES DETAILS FOR ITS 2015 INVESTOR DAY

Pengrowth Energy Corp. has declared its Jan. 15, 2015, cash dividend of four cents per common share. The ex dividend date is Dec. 18, 2014. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of Dec. 22, 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 to 86.8 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.

Pengrowth's board of directors and management regularly review the level of dividends. Pengrowth's board considers a number of factors, including expectations of future commodity prices, capital expenditure requirements, and the availability of debt and equity capital. There can be no certainty that Pengrowth will be able to maintain the current level of dividends, and dividends can and may fluctuate in the future as a result of the volatility in commodity prices, changes in production levels and capital expenditure requirements.

Investor day for 2015

In light of the recent dramatic decline in and volatility surrounding crude oil prices, Pengrowth continues to evaluate the appropriate level of capital investment that will ensure its financial health in the current low commodity price environment. Full details of Pengrowth's 2015 capital program and forecasts will be announced prior to its 2015 investor day, which will be held in Calgary on Thursday, Jan. 22, 2015, beginning at 9 a.m. Mountain Time. Members of Pengrowth's senior executive team will provide an update on the company's operations, short- and long-term development strategies, as well as providing details on the company's 2015 capital budget.

To register for attendance at the event, participants can contact Pengrowth's investor relations team or call toll-free 1-855-336-8814.

A live webcast of the event will be available for those unable to attend in person. The company recommends that users access the webcast approximately 10 minutes before the scheduled start time.

An archive of the webcast and accompanying presentation will be available within two hours following the conclusion of the live event on Pengrowth's website.

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