Pengrowth Energy Trust
NYSE : PGH
TSX : PGF.UN

Pengrowth Energy Trust

January 23, 2008 18:03 ET

Pengrowth Energy Trust Announces Cash Distribution for February 15, 2008, Updates Commodity Price Hedging Program and Provides an Update on Canadian and U.S. Tax

CALGARY, ALBERTA--(Marketwire - Jan. 23, 2008) - Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX:PGF.UN) (NYSE:PGH), today announced its February 15, 2008 cash distribution will be Cdn $0.225 per trust unit. The distribution is net of amounts withheld to partially finance capital expenditures. The ex-distribution date is January 30, 2008. The distribution will be payable to all Pengrowth unitholders who hold trust units on the record date of February 1, 2008.

The distribution of Cdn $0.225 per trust unit is equivalent to approximately U.S. $0.219 per trust unit using a U.S./Canadian dollar exchange ratio of 1.0265. The actual U.S. dollar equivalent distribution will be based upon the actual U.S./Canadian exchange rate applied on the payment date, net of applicable Canadian withholding taxes. This distribution relates to the production month of December 2007. Cash distributions paid over the past 12 months now total Cdn $2.875 per trust unit or approximately U.S. $2.728 per trust unit.

Update on Commodity Price Hedging Program:

The following table represents a summary of all the current commodity price hedging contracts entered into.



Crude Oil
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Volume Reference Price
Remaining Term (bbls/d) Point ($ per bbl)
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Jan 1, 2008 - Oct 31, 2008 1,000 WTI 74.25 Cdn
Jan 1, 2008 - Dec 31, 2008 16,500 WTI 76.20 Cdn
Jan 1, 2009 - Dec 31, 2009 7,000 WTI 79.35 Cdn
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Natural Gas
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Volume Reference Price
Remaining Term (mmbtu/d) Point ($ per mmbtu)
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Jan 1, 2008 - Dec 31, 2008 5,000 Transco Z6 10.90 Cdn
Jan 1, 2008 - Dec 31, 2008 12,500 NYMEX 8.22 Cdn
Jan 1, 2009 - Dec 31, 2009 10,000 NYMEX 8.50 Cdn
Jan 1, 2008 - Mar 31, 2008 2,370 AECO 8.44 Cdn
Jan 1, 2008 - Dec 31, 2008 61,609 AECO 8.26 Cdn
Jan 1, 2009 - Dec 31, 2009 33,174 AECO 7.61 Cdn
Jan 1, 2008 - Dec 31, 2008 15,000 Chicago 8.45 Cdn
Feb 1, 2008 - Dec 31, 2008 2,500 Chicago 8.31 Cdn
Jan 1, 2009 - Dec 31, 2009 12,500 Chicago 8.40 Cdn
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Pengrowth uses the following frequently recurring industry terms: "bbls"
refers to barrels and "mmbtu" refers to million British thermal units.


Canadian 2007 Tax Information:

Pengrowth reports that distributions paid in Canada during the 2007 calendar year were 95 percent taxable and 5 percent tax deferred. Canadian beneficial unitholders who received distributions in 2007 outside an RRSP, RRIF, RESP or DPSP should receive a T3 Supplementary slip from their broker. Canadian registered unitholders will receive a T3 Supplementary slip from Computershare Trust Company of Canada. The deadline for issuance of T3 Supplementary slips is March 31, 2008. A copy of the 2007 Canadian Tax Letter can be obtained at www.pengrowth.com.

U.S. 2007 Tax Information:
Pengrowth advises that a U.S. tax information package, which includes a Substitute Schedule K-1 form, will be mailed to U.S. beneficial unitholders who owned Pengrowth units during 2007 on or about March 4, 2007.

U.S. unitholders may also visit the website https://www.taxpackagesupport.com/pengrowth to register for email notification when the tax information package is available electronically. Unitholders will be able to use this site to view a copy of the 2007 tax schedule, print the tax package including instructions, automatically transfer amounts from Schedule K-1 to IRS forms filed by individuals and download a file of Schedule K-1 information that can also be imported into Turbo Tax software.

All U.S. K-1 enquiries should be directed to Pengrowth's K-1 toll free hotline at 1-877-527-6387.

PENGROWTH CORPORATION

James S. Kinnear, Chairman, President and Chief Executive Officer

Contact Information