November 01, 2012 at 19:24 PM EDT
Pengrowth Energy Corporation Suspends Premium Dividend(TM) Program

CALGARY, ALBERTA -- (Marketwire) -- 11/01/12 -- Pengrowth Energy Corporation (TSX: PGF) (NYSE: PGH) today announced that as a result of the current low share price environment, it is suspending its Premium Dividend™ program, effective with the December 17, 2012 payment.

Pengrowth's Dividend Reinvestment Program ("DRIP"), a separate program from the Premium Dividend™ program, remains in effect.

About Pengrowth:

Pengrowth Energy Corporation is a dividend-paying, intermediate Canadian producer of oil and natural gas, headquartered in Calgary, Alberta. Pengrowth's assets include Swan Hills light oil, Cardium light oil and the Lindbergh thermal bitumen project. Pengrowth's shares trade on both the Toronto Stock Exchange under the symbol "PGF" and on the New York Stock Exchange under the symbol "PGH".

PENGROWTH ENERGY CORPORATION

Derek Evans, President and Chief Executive Officer

Contacts:
Pengrowth
Investor Relations
(403) 233-0224 or Toll Free: 1-888-744-1111
investorrelations@pengrowth.com
www.pengrowth.com

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