The Successful Investor, in the March, 2015, issue, says buy Pengrowth Energy Corp., recently $4.15. 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 $6,781. Pengrowth recently started production at its Lindbergh oil sands project in Alberta. Now that Lindbergh is done, and because tumbling oil prices are prompting budget cuts across the entire sector, Pengrowth plans to spend just $200-million on its properties this year, down from $770-million last year. It still expects to increase production slightly to a range of 73,000 to 75,000 barrels a day because of Lindbergh's contribution. The company has hedged three-quarters of this year's oil production at $93.96 a barrel, well above today's price of $49.50 (U.S.). This should help protect cash flow. As well, Pengrowth will halve its monthly dividend to two cents from four cents in March, for a new yield of 5.8 per cent. It plans to use its extra money to pay down its long-term debt, which, at $1.9-billion, is a high 86 per cent of market cap. About $170-million of this debt is due this year. Buy.