Mr. Pete Sametz reports

PENGROWTH PROVIDES UPDATE TO EXCHANGE LISTINGS TO ALIGN WITH ITS NEW FOCUS

After careful consideration and in contemplation of the previous delisting notices received by Pengrowth Energy Corp. from the New York Stock Exchange (NYSE), the board of directors of Pengrowth has decided not to take any further steps toward the implementation of a compliance plan, which would have included effecting a reverse stock split of the company's common stock, in order to preserve the listing of its common stock on the NYSE. Pengrowth will continue to be listed on the Toronto Stock Exchange (TSX) and is expected to commence trading on the OTC Pink Market electronic quotation service in the United States, once delisting from the NYSE is complete.

The company's decision not to effect a reverse stock split of its common stock, or to take any other steps toward implementation of a compliance plan, was made after the board concluded that the disadvantages of maintaining its listing on the NYSE outweighed the benefits to the company and its shareholders. Among the factors considered were the continuing costs and expenses, direct and indirect, associated with having the company's common stock listed on both the NYSE and the TSX, the costs of effecting a reverse stock split or other activity intended to achieve compliance, and the lack of incremental benefits generated by the dual listing for a company of Pengrowth's size.

On Dec. 1, 2017, Pengrowth announced that it had received notice from the NYSE that it was no longer in compliance with the NYSE's continued listing standards as a result of the average closing price of its common stock being less than $1 (U.S.) per share over a consecutive 30-trading-day period. Pengrowth also advised that it had a period of six months from the date of the NYSE notification to regain compliance with the NYSE's price listing standard. Failure to regain compliance prior to the expiration of the six-month period may result in the common stock being subject to delisting by the NYSE. The compliance period is expected to expire on June 1, 2018.

A delisting of the company's common stock from the NYSE will not affect Pengrowth's business operations nor will it breach or constitute an event of default under any of Pengrowth's agreements with its lenders. Pengrowth continues to be in compliance with the terms of all of those agreements.

Pengrowth remains a publicly traded entity with its primary listing on the TSX, where its shares will continue to trade under the symbol PGF, independent of, and not affected by, the status of the NYSE listing. The company is in full compliance with the TSX listing requirements and in light of the size of the new Pengrowth, it is expected that the TSX listing is more than sufficient to meet the needs of the company. Shareholders in the United States who hold shares with a broker are encouraged to check with their broker as they may be able to trade their shares on the TSX. For all other U.S. shareholders, the trading of shares in the United States is expected to commence on the OTC Pink Market electronic quotation service, once delisting from the NYSE is complete.

About Pengrowth Energy Corp.

Pengrowth Energy is a Canadian energy company focused on the sustainable development and production of oil and natural gas in Western Canada from its Lindbergh thermal oil property and its Groundbirch Montney gas property.

We seek Safe Harbor.