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Lindbergh Assembly Establishes New Almanac in October Averaging 18,350 bbl/d with Five of Eight Infill Wells on Assembly

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CALGARY, Alberta, Nov. 08, 2018 (GLOBE NEWSWIRE) — Pengrowth Activity Corporation (“Pengrowth”) (PGF)(otcqx:PGHEF), today appear its after-effects for the three and nine months concluded September 30, 2018. Unless contrarily indicated, banking abstracts are bidding in Canadian Dollars.

“As a aftereffect of the acknowledged beheading of our 2018 infill program, accepted assembly levels at Lindbergh now beat our 2018 avenue bulk advice with three added infill wells still to be brought into production. In addition, stronger AECO accustomed gas appraisement has acquired us to acknowledgment Groundbirch to abounding production. These accomplishments, forth with the cogent abatement in banknote G&A costs accepted in the fourth quarter, put the aggregation on clue to accommodated 2018 Guidance,” said Pete Sametz, President and Chief Executive Officer of Pengrowth. “Approximately 17,000 bbl/d of adulterated bitumen, apery 72% of our Lindbergh adulterated bitumen sales, continues to be adequate from acceding at a anchored cogwheel bulk of US$16.82 through the concrete affairs that we accept in place.”

“We paid bottomward debt during the division with adapted funds breeze and deferred gain calm on antecedent dispositions. Our 2019 basic plan is structured to advance accepted assembly levels while applying surplus adapted funds breeze to debt reduction. Pengrowth affairs to accord the amplification of assembly at Lindbergh with the accession of action take-away accommodation in Western Canada. We abide to assignment adjoin a third affair acceding to accommodate co-generation of beef and electricity to accredit Lindbergh’s abiding assembly growth.”

Third Division at a Glance (Due to 2017 dispositions, comparisons are to the added division of 2018):

Financial:

Operational:

Summary of Banking & Operating Results

[(1) ] IFRS 15 was aboriginal adopted in the fourth division of 2017 able January 1, 2017 application accumulative aftereffect admission afterwards restating above-mentioned aeon comparatives. See Agenda 2 to the December 31, 2017 audited Consolidated Banking Statements. [(2) ] See analogue in our MD&A beneath area “Non-GAAP Banking Measures”. [(3) ] Includes Acclaim Facility, accepted and connected appellation portions of appellation notes, as applicable, and coffer indebtedness. Excludes belletrist of acclaim and accounts leases. [(4) ] Percentage changes in balance of 500% are afar

2018 & 2019 Advice We are advancement the 2018 Advice that we revised in the above-mentioned division and are accouterment 2019 Guidance. The table beneath provides a arbitrary of complete after-effects for the nine months concluded September 30, 2018, abounding year 2018 Advice and abounding year 2019 Guidance:

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[(1) ] Per boe estimates based on aerial and low ends of assembly Guidance. [(2) ] See analogue beneath area “Non-GAAP Banking Measures”. [(3) ] Excludes banking article accident administration activities. [(4) ] Advice revised in the added division of 2018.

Year to date 2018 assembly of 21,324 boe/d is on clue to adeptness abounding year 2018 Advice accurate by solid abject assembly from Lindbergh and Groundbirch. Lindbergh assembly averaged 15,805 bbl/d in the aboriginal nine months of 2018 accumulation a fractional abeyance to complete planned aliment action and antecedent assembly from four of the eight infill wells. The complete four infill wells are targeted to be on assembly throughout the fourth division of 2018. Lindbergh assembly is now accepted to avenue the year at about 19,000 bbl/d. The ahead concise gas assembly at Groundbirch due to low accustomed gas prices will be brought aback on beck in the fourth division of 2018 accustomed college melancholia pricing.

Year to date 2018 banknote G&A costs per boe are college than abounding year 2018 Advice due to admittance of costs accompanying to the authoritative abutment associated with disposed properties, college able fees, and salaries of agents accountable to accumulated restructuring. Fourth division 2018 banknote G&A costs are accepted to added abatement and, accompanying with able assembly in the fourth quarter, bead to a ambit of $2.50 to $2.80 per boe. Pengrowth accordingly anticipates abounding year 2018 banknote G&A costs per boe to be in band with its revised abounding year 2018 Advice as per the table above.

Third Division Operational Review Boilerplate circadian assembly for the third division decreased 4% to 21,807 boe/d compared with 22,600 boe/d in the added division of 2018 primarily as a aftereffect of our best to abbreviate assembly at Groundbirch due to accustomed gas pricing.

Lindbergh was amenable for 75% of third division complete production. Four of the eight infill wells that were completed in the added division of 2018 were brought into assembly in September. This contributed to a 3% admission in boilerplate circadian assembly to 16,408 bbl/d compared with 15,876 bbl/d in the above-mentioned quarter. The steam-oil arrangement (“SOR”) for the third division decreased 4.2% to 2.99 compared with 3.12 in the above-mentioned division as new infills were brought into production. We apprehend this to bead added as the complete infill wells are brought on. The accumulative SOR as at September 30, 2018 was 2.66.

Groundbirch assembly was anxiously concise to 16,199 Mcf/d during the third division of 2018 from a aiguille assembly of 28,000 Mcf/d in aboriginal April due to weaker accustomed gas prices.

Financial After-effects Lindbergh’s third division operating netbacks afore accumulated accomplished article accident administration added 14% to $38.88/bbl compared with $34.20/bbl in Q2 2018 due to added accomplished bitumen prices, lower diluent costs, lower activity operating expenses, hardly lower non-energy operating expenses, account by college royalties and added busline costs on a per basis.

[(1) ] See analogue in our MD&A beneath area “Non-GAAP Banking Measures”. [(2) ] Net of Anchored Cogwheel Concrete Affairs [(3) ] Percentage changes in balance of 500% are afar

Corporate operating netbacks afore accomplished article accident administration in the third division added 16% to $29.85/boe compared with $25.82/boe in Q2 2018 due to added article prices, decreased royalties, partially account by added adapted operating costs and busline expenses.

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[(1) ] See analogue in our MD&A beneath area “Non-GAAP Banking Measures”. [(2) ] Above-mentioned year allusive abstracts afflicted to accommodate to presentation in the accepted year. [(3) ] Percentage changes in balance of 500% are afar

During the added bisected of 2017, to ensure acquiescence with airy covenants on its debt, Pengrowth entered into a alternation of WTI hedges on 10,000 bbl/d of assembly at about WTI US$50/bbl to the end of 2018. For the third division of 2018, these hedges resulted in a 16% admission in accomplished article accident administration accident of $11.41/boe compared with $9.82/boe accident in the added division of 2018 apprenticed by added article prices. At this time, Pengrowth does not accept any WTI awkward oil appraisement hedges in abode for 2019.

Corporate operating netbacks for the third division added 15% to $18.44/boe compared with $16.00 in the added division of 2018 on an admission in accomplished article pricing.

Adjusted Funds Breeze Adapted funds breeze for the three months concluded September 30, 2018 added 54% to $15.6 actor compared with $10.1 actor in the above-mentioned division due to the variances provided in the table below:

[1] See analogue in our MD&A beneath area “Non-GAAP Banking Measures”.

Net Accident Pengrowth appear a net accident in the third division of $1.6 actor compared with a net accident of $27.5 actor in the added division of 2018. The advance from the above-mentioned division was primarily the aftereffect of a $25.3 actor complete change in fair bulk of article accident administration contracts, a $5.5 actor admission in adapted funds flow, a $4.5 actor complete about-face in accomplished and abeyant adopted exchange, account by a $6.3 actor abrogating about-face from added costs net of the tax aftereffect of the aloft items.

Market Admission a Key Differentiator Due to the affection of Lindbergh bitumen, Pengrowth has anchored appellation sales agreements at Hardisty with a cardinal of refiners that ensures bazaar admission for 17,000 bbl/d of adulterated bitumen at an boilerplate bulk of WTI bare US$16.82 (“dilbit”) to the end of 2018.

These concrete commitment contracts, which assure adjoin action apportionment, abate acclaim accident and complete acknowledgment to accession WCS differentials, resulted in a college accomplished bitumen sales bulk by CA$6.62/bbl compared to criterion prices in the third division of 2018.

As at September 30, 2018, Pengrowth had concrete affairs in abode that ensure bazaar admission for 10,000 bbl/d of dilbit at an boilerplate bulk of WTI bare US$19.24 for 2019. Subsequent to the division Pengrowth anchored appellation sales agreements at Hardisty for an added 5,000 bbl/d of adulterated bitumen for 2019. These barrels are 100% acceding adequate and will be priced account as Index barrels added an acceding aegis fee. Pengrowth now has acceding aegis on 15,000 bbl/d in 2019.

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Balance Sheet and Clamminess Pengrowth’s complete debt afore alive basic (excluding belletrist of credit) at September 30, 2018 decreased 4% to $672.2 actor compared with $701.5 actor as at June 30, 2018 as the aftereffect of $20.5 actor in repayments and an $8.8 actor favourable adopted barter impact. The $20.5 actor in debt repayments were the accumulated aftereffect of adapted funds breeze in the third division and the accumulating of $9.6 actor in deferred disposition proceeds.

Debt Maturities Pengrowth has no appointed debt maturities in 2018. As at September 30, 2018, Pengrowth had assets of $158.5 actor on its Acclaim Facility (December 31, 2017 – $109.0), and $79.7 actor of outstanding belletrist of acclaim (December 31, 2017 – $69.4 million).

Pengrowth’s complete debt afore alive basic is 73 percent denominated in adopted currencies at September 30, 2018. To administer adopted barter risk, Pengrowth holds a alternation of bandy affairs that fix the adopted barter bulk on 70% of the arch for Pengrowth’s U.S. dollar denominated appellation debt. At September 30, 2018, Pengrowth captivated a complete of US$255 actor in adopted barter bandy affairs at a abounding boilerplate bulk of US$0.75 per CA$1.00 as follows:

Multi-Year Development Plan: 2019 Basic Plan Pengrowth’s 2019 Budget calls for a Basic Spending Plan of $45 million, with the all-inclusive majority of this basic allocated to Lindbergh. Pengrowth intends to use balance banknote from operating activities to abide to pay bottomward debt, and intends to accounts all basic spending internally.

Pengrowth’s multi-year development plan charcoal on clue to abound Lindbergh assembly to 35,000 bbl/d by the end of 2023. Timing to added aggrandize assembly to 40,000 to 50,000 bbl/d will depend on article prices.

Groundbirch maintains a cogent account of added than 360 locations in some of the best advantageous Montney horizons in the basin, as approved by contempo Pengrowth and industry results. Pengrowth will abbreviate spending on this asset until AECO accustomed gas appraisement improves.

Updated Continuous Disclosure: Model of Adapted Funds Breeze Beneath Expenditures on Remediation(1) (“the Model”):

[(1) ] Adapted funds breeze is a non-GAAP admeasurement authentic as banknote breeze from operating activities, beneath absorption and costs charges, and afore changes in non-cash operating alive capital. Administration believes adapted funds breeze beneath expenditures on remediation is a advantageous admeasurement of the banknote generated by the business that is accessible to pay bottomward debt and armamentarium basic expenditures. The assumptions for the Model at assorted WTI are laid out aloft and additionally assumes 2018 actuals for nine months concluded September 30, 2018. [(2)] Incorporates actuals and accomplished appraisement for adulterated Lindbergh bitumen at an boilerplate cogwheel to WTI of US($16.80)/bbl for the nine months concluded September 30, 2018. [(3) ] Incorporates complete criterion ethics for the nine months concluded September 30, 2018 and three months of forecasted values.

We accept adapted the Model to reflect added WTI-WCS differentials and narrowed the anticipation ambit for WTI based on accepted bazaar expectations. While the accord is not beeline in an complete sense, generally, every $1.00 change in appraisement has an almost $8 actor change in adapted funds flow. While our alignment has not changed, we accept adapted the name of the Model to adjust with the allotment conventions in our Management’s Altercation and Analysis.

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Conference Alarm and Audio Webcast: Pengrowth will host a appointment alarm and listen-only audio webcast at 9:00 a.m. Mountain Time (“MT”) (11:00 a.m. Eastern Time (“ET”)) today to altercate the quarter. Amuse agenda that the architecture of the webcast will now absorb a beheld presentation for investors and analysts. To accept to the alive webcast and watch the presentation amuse use the afterward link:

http://event.on24.com/wcc/r/1865288-1/2EB002A3A940A0D385C3C670E938EF83

The webcast will abide archived at the aloft articulation for one year afterward the event.

Analysts and institutional investors absorbed in accommodating in the catechism and acknowledgment affair of the appointment alarm may do so by calling 1-877-648-7976 (toll free) or (617) 826-1698.

Within 24 hours of the event, the webcast will be accessible for epitomize at the articulation above.

An archived recording of the appointment alarm will be accessible for seven canicule and can be accessed by dialing 1-800-585-8367 (toll free), Appointment ID: 6266467.

FREQUENTLY RECURRING TERMS

Pengrowth uses the afterward frequently alternating industry agreement and abbreviations in this columnist release:

Caution Apropos Engineering Terms: Back acclimated herein, the appellation “boe” agency barrels of oil agnate on the base of one boe actuality according to one of oil or NGLs or 6,000 cubic anxiety of accustomed gas (6 mcf:1 bbl). Barrels of oil agnate may be misleading, decidedly if acclimated in isolation. A about-face arrangement of six mcf of accustomed gas to one boe is based on an activity adequation about-face adjustment primarily applicative at the burner tip and does not represent a bulk adequation at the wellhead. All assembly abstracts declared are based on Aggregation Absorption afore the answer of royalties.

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Caution Apropos Forward Looking Information: This columnist absolution contains advanced statements aural the acceptation of balance laws, including the “safe harbour” accoutrement of the Canadian balance legislation and the United States Private Balance Litigation Reform Act of 1995. Advanced advice is often, but not always, articular by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or agnate words suggesting approaching outcomes or accent suggesting an outlook. Advanced statements in this columnist absolution include, but are not bound to, statements with account to accepted assembly in 2020; advancing $65 actor of basic expenditures in 2018 and advancing $45 actor of basic expenditures in 2019 and the focus thereof on abacus assembly volumes at Lindbergh and Groundbirch; accepted boilerplate circadian assembly in 2018; connected admission activities at Lindbergh including added infill wells actuality brought into assembly in the aing two months; accepted assembly at Lindbergh to the end of the year; accepted assembly at Groundbirch to the end of 2018; affairs to advance the majority of Groundbirch accustomed gas in the Company’s thermal operations; G&A amount structures accepted to abatement in the fourth division of 2018 and the apprehension for college accomplished prices for liquids assembly and college accepted adapted funds breeze starting in 2019, advancing chargeless funds breeze and use of chargeless funds breeze to pay bottomward debt. Advanced statements and advice are based on accepted behavior as able-bodied as assumptions fabricated by and advice currently accessible to Pengrowth apropos advancing banking performance, business prospects, strategies and authoritative developments. Although administration considers these assumptions to be reasonable based on advice currently accessible to it, they may prove to be incorrect.

By their absolute nature, advanced statements absorb inherent risks and uncertainties, both accepted and specific, and risks that predictions, forecasts, projections and added advanced statements will not be achieved. We attention readers not to abode disproportionate assurance on these statements as a cardinal of important factors could account the complete after-effects to alter materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions bidding in such advanced statements. These factors include, but are not bound to: changes in accepted economic, bazaar and business conditions; the animation of oil and gas prices; fluctuations in assembly and development costs and basic expenditures; the blunder of assets estimates and estimates of recoverable quantities of oil, accustomed gas and liquids; Pengrowth’s adeptness to alter and aggrandize oil and gas reserves; geological, technical, conduct and processing problems and added difficulties in bearing reserves; ecology claims and liabilities; incorrect assessments of bulk back authoritative acquisitions; increases in debt account charges; the accident of key personnel; the marketability of production; defaults by third affair operators; abrupt appellation defects; fluctuations in adopted bill and barter rates; fluctuations in absorption rates; bare allowance coverage; acquiescence with ecology laws and regulations; accomplishments by authoritative or authoritative agencies, including changes in tax laws; Pengrowth’s adeptness to admission alien sources of debt and disinterestedness capital; the appulse of adopted and calm government programs and the accident of abrupt contest complex in the operation and development of oil and gas properties. Added advice apropos these factors may be begin beneath the branch “Business Risks” in our best contempo management’s altercation and assay and beneath “Risk Factors” in our Annual Advice Form anachronous February 28, 2018.

The above account of factors that may affect approaching after-effects is not exhaustive. Back relying on our advanced statements to accomplish decisions, investors and others should anxiously accede the above factors and added uncertainties and abeyant events. Furthermore, the advanced statements independent in this columnist absolution are fabricated as of the date of this columnist release, and Pengrowth does not undertake any obligation to amend about or to alter any of the included advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, except as appropriate by applicative laws. The advanced statements independent in this columnist absolution are especially able by this cautionary statement.

The advanced statements independent in this columnist absolution are especially able by this cautionary statement.

Non-GAAP Measures In accession to accouterment measures able in accordance with International Banking Advertisement Standards (IFRS), Pengrowth presents non-GAAP measures including complete debt afore alive capital, complete debt including alive capital, adapted funds flow, adapted funds breeze per share, chargeless funds flow, produced petroleum acquirement per boe, adapted operating costs per boe, adeptness costs (% of produced petroleum revenue), Lindbergh operating netbacks, accumulated operating netbacks, adapted operating expenses, banknote G&A costs and banknote G&A costs per boe. These measures do not accept any connected acceptation assigned by GAAP and accordingly are absurd to be commensurable to agnate measures presented by added companies. These measures are provided, in part, to abetment readers in free Pengrowth’s adeptness to accomplish banknote from operations. Pengrowth believes these measures are advantageous in assessing operating achievement and clamminess of Pengrowth’s advancing business on an all-embracing basis. These measures should be advised in accession to, and not as a acting for, net assets (loss), banknote provided by operations and added measures of banking achievement and clamminess appear in accordance with IFRS. Added advice including adaptation to the applicative GAAP admeasurement with account to these non-GAAP measures can be begin in the MD&A.

Note to US Readers We address our assembly and assets quantities in accordance with Canadian practices and accurately in accordance with NI 51- 101. These practices are altered from the practices acclimated to address assembly and to appraisal affluence in letters and added abstracts filed with the SEC by companies in the United States.

Current SEC advertisement requirements permit, but do not crave United States oil and gas companies, in their filings with the SEC, to acknowledge apparent and accessible reserves, in accession to the appropriate acknowledgment of accepted reserves. The SEC does not admittance the admittance of estimates of accidental assets in letters filed with it by United States companies. Beneath accepted SEC requirements, net quantities of affluence are appropriate to be disclosed, which requires acknowledgment on an afterwards royalties base and does not accommodate affluence apropos to the interests of others. Because we are acceptable to adapt our affluence advice in accordance with Canadian acknowledgment requirements, we accept included accidental resources, appear affluence afore the answer of royalties and interests of others and bent and appear our affluence and the estimated approaching net banknote accordingly application anticipation prices and costs. See “Presentation of our Assets Information” in our best contempo Annual Advice Form or Form 40-F for added information.

We absorb added advice with account to assembly and affluence which is either not about included or banned beneath rules of the SEC and practices in the United States. We chase the Canadian convenance of advertisement gross assembly and assets volumes; however, we additionally chase the United States convenance of alone advertisement these volumes on a net base (after the answer of royalties and agnate payments). We additionally chase the Canadian convenance of application anticipation prices and costs back we appraisal our reserves. The SEC permits, but does not require, the acknowledgment of affluence based on anticipation prices and costs.

About Pengrowth Activity Corporation (PGF): Pengrowth Activity Corporation is a Canadian activity aggregation focused on the acceptable development and assembly of oil and accustomed gas in Western Canada from its Lindbergh thermal oil acreage and its Groundbirch Montney gas property. The Aggregation is headquartered in Calgary, Alberta, Canada and has been operating in the Western Canadian basin for over 28 years. The Company’s shares barter on both the Toronto Stock Barter beneath the attribute “PGF” and on the OTCQX beneath the attribute “PGHEF”.

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Additional advice about Pengrowth is accessible at www.pengrowth.com and on SEDAR at www.sedar.com.

For broker and media Inquiries amuse contact:

Tom McMillan 1-855-336-8814 [email protected]

Copyright (C) 2018 GlobeNewswire, Inc. All rights reserved.

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