Mr. Derek Evans reports

PENGROWTH ENERGY CORPORATION CONFIRMS CDN $0.02 CASH DIVIDEND PAYABLE JUNE 15, 2015 AND ANNOUNCES EXECUTIVE APPOINTMENTS

Pengrowth Energy Corp.'s June 15, 2015, cash dividend will be two Canadian cents per common share. The ex dividend date is May 20, 2015. The dividend will be payable to all shareholders who hold Pengrowth shares at the close of business on the record date of May 22, 2015.

The dividend of two Canadian cents per common share is equivalent to approximately 1.7 U.S. cents per common share using a Canadian/U.S.-dollar exchange rate of $1 (Canadian) to 83.4 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 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. 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.

Executive appointments

Pengrowth has appointed Steve De Maio as senior vice-president, thermal operations, and Randy Steele as senior vice-president, conventional operations. In their expanded roles, Mr. De Maio will be responsible for all aspects of thermal operations, and Mr. Steele will be responsible for all aspects of Pengrowth's non-thermal and conventional operations.