Pengrowth Energy Corporation Announces Cash Dividend Payable March 15, 2012

CALGARY, ALBERTA--(Marketwire - Feb. 13, 2012) - Pengrowth Energy Corporation PGFPGH today announced its March 15, 2012 cash dividend will be Cdn $0.07 per common share. The ex-dividend date is February 21, 2012. The dividend will be payable to all shareholders who hold shares on the record date of February 23, 2012.

The dividend of Cdn $0.07 per common share is equivalent to approximately U.S. $0.07 per common share using a Canadian/U.S. dollar exchange rate of Cdn$1.00:U.S.$1.00. 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.

Addition of Premium Dividend Component to Existing Dividend Reinvestment Plan

As previously announced in the press release dated January 3, 2012, Pengrowth has added a Premium Dividend(TM) to its existing Dividend Reinvestment and Optional Common Share Purchase Plan (the Plan) and has amended some of the other terms of the Plan. The amended plan is called the Premium Dividend(TM), Dividend Reinvestment and Optional Common Share Purchase Plan (the Amended Plan).

The Amended Plan provides eligible shareholders of Pengrowth with the opportunity to reinvest their dividends in new shares at a five percent discount to the average trading price (as calculated pursuant to the Amended Plan) on the applicable dividend payment date, where the new shares will, at the participant's election, either be:

--  credited to the participant's account under the dividend reinvestment
    (DRIP) component of the Amended Plan which will operate in essentially
    the same manner as the Plan; or 
--  for Canadian participants only, delivered to the designated Plan Broker
    and disposed of under the Premium Dividend(TM) component of the Amended
    Plan in exchange for a premium cash payment to the participant equal to
    102 percent of the reinvested dividends. 

In order to participate in either the DRIP component or the Premium Dividend(TM) component, an eligible shareholder must enroll, or be deemed to have enrolled, in the Amended Plan either directly (in the case of a registered shareholder) or through the broker, investment dealer, financial institution or other nominee who holds shares on the eligible shareholder's behalf.

A complete copy of the Amended Plan, together with a related series of answers to frequently asked questions are available on Pengrowth's website at www.pengrowth.com/investors/drip_information or can be obtained by calling Olympia Trust Company, Pengrowth's transfer agent, at 1-888-353-3138 or Pengrowth Investor Relations at 1-888-744-1111.

2011 Annual Results & Reserves Information

Pengrowth will issue its 2011 fourth quarter and full year financial and operating results and reserves information after markets close on February 28, 2012.

Investor Days

Pengrowth is also pleased to announce that it will host Investor Days in both Calgary and Toronto on February 29, 2012 and March 1, 2012, respectively, during which management will provide an update to Pengrowth's investor community on its corporate strategy and development plans for 2012. The Calgary Investor Day will be held at Livingston Place Conference Centre located at 222, 3rd Ave. SW, Calgary, Alberta beginning at 10:00 A.M. Mountain Standard Time (MST) and the Toronto Investor Day will be held at One King West Hotel & Residence located at 1 King Street West, Toronto, Ontario beginning at 10:00 A.M. Eastern Standard Time.

A live webcast of the Calgary Investor Day Presentation will be available to the general public beginning at 10:00 A.M. MST on Wednesday, February 29, 2012. The live presentation and question and answer period is expected to last approximately three hours.

To participate in the webcast, participants may register by visiting www.gowebcasting.com/3066. The webcast will also be archived and available on Pengrowth's website at www.pengrowth.com/news/webcasts.

The webcast portion of the presentation will be listen-only, however listeners are encouraged to follow-up with Pengrowth's investor relations department should they have additional questions.

About Pengrowth:

Pengrowth Energy Corporation is a dividend paying, intermediate Canadian producer of oil & natural gas, headquartered in Calgary, Alberta. Pengrowth's focus is on the development of conventional and unconventional resource-style plays in the Western Canadian Sedimentary Basin. Pengrowth's projects include the Swan Hills (light oil) play in north-central Alberta, the Olds (light oil/gas) play in south-central Alberta, the Lindbergh (Steam Assisted Gravity Drainage) project in east-central Alberta, the Bodo (EOR polymer) play in east-central Alberta and the Groundbirch (Montney gas) play in north-eastern British Columbia. 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