Mr. Derek Evans reports

PENGROWTH ENERGY CORPORATION CONFIRMS CDN $0.04 CASH DIVIDEND PAYABLE FEBRUARY 17, 2015

Pengrowth Energy Corp.'s Feb. 17, 2015, cash dividend will be four cents per common share. The ex dividend date is Jan. 20, 2015. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of Jan. 22, 2015.

The dividend of four cents per common share is equivalent to approximately 3.4 U.S. cents per common share using a Canadian/U.S.-dollar exchange rate of $1 to 83.8 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 United States 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. In light of the recent decline in crude oil and natural gas prices, Pengrowth's board and management continue to evaluate the appropriate level of capital investment and dividends aimed at ensuring its financial health. Full details of this evaluation and Pengrowth's 2015 capital program 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-term and long-term development strategies, as well as providing details on the company's 2015 capital budget.

We seek Safe Harbor.