Mr. Derek Evans reports

PENGROWTH ENERGY CORPORATION PROVIDES UPDATE ON LINDBERGH COMMERCIAL PROJECT AND CONFIRMS CDN $0.02 CASH DIVIDEND PAYABLE APRIL 15, 2015

Steaming operations at Pengrowth Energy Corp.'s Lindbergh commercial facility have progressed as planned, with all three well pads on circulation and with well pairs following the same production profile as the pilot well pairs. Steaming operations on each well pad were intentionally staggered by a few weeks to allow for a smooth transition of operation through the stages of circulation. With all three pads now on circulation, production rates from the commercial project reached approximately 3,500 barrels per day as at March 8, 2015. These volumes are in addition to production from the pilot facility of approximately 1,500 bbl per day.

A service rig is currently on site, and work has commenced on the installation of downhole pumps, which is the final step in the conversion of the well pairs from steam circulation to full SAGD production. The installation of the pumps will follow the same staggered schedule as steam circulation, with installation on the first well pad commencing on March 9, 2015. The service rig will be in operation over the next two months, installing pumps allowing for all 20 well pairs to be converted to full SAGD. It is expected that production from the overall commercial project will continue to ramp up through the installation and conversion process.

Dividend declaration

Pengrowth also announces that its April 15, 2015, cash dividend will be two cents per common share. The ex dividend date is March 19, 2015. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of March 23, 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) equals 79.4 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.

We seek Safe Harbor.