Mr. Derek Evans reports

PENGROWTH ENERGY CORPORATION CONFIRMS CDN $0.02 CASH DIVIDEND PAYABLE MARCH 16, 2015, AND ANNOUNCES RELEASE DATE FOR ITS 2014 YEAR-END RESULTS AND CONFERENCE CALL DETAILS

As previously announced on Jan. 21, 2015, Pengrowth Energy Corp.'s March 16, 2015, cash dividend will be two cents per common share. The ex dividend date is Feb. 20, 2015. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of Feb. 24, 2015.

The dividend of two cents per common share is equivalent to approximately 1.6 U.S. cents per common share using a Canadian-/U.S.-dollar exchange rate of $1 (Canadian) to 80.2 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'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. 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.

Year-end 2014 results release date and conference call details

Pengrowth plans to release its fourth quarter and annual 2014 results on Feb. 26, 2015, following the close of equity markets. A conference call and listen-only audio webcast will be held, beginning at 6:30 a.m. Mountain Time (MT) on Feb. 27, 2015, during which management will review Pengrowth's results and respond to questions from the investment community.

To ensure timely participation in the teleconference, callers are encouraged to dial in 10 minutes prior to the start of the call to register.

Dial-in numbers:

Toll-free:  800-355-4959

Toronto local:  416-340-2216

A telephone replay will be available through to midnight Eastern Time on March 6, 2015, by dialling 800-408-3053 and entering passcode No. 8110515.

A replay of the audio webcast will also be available on the Pengrowth website.