Pengrowth Energy Corporation Announces Cdn$0.04 Cash Dividend Payable November 15, 2012

CALGARY, ALBERTA--(Marketwire - Oct. 11, 2012) - Pengrowth Energy Corporation (TSX:PGF) (NYSE:PGH) today announced that its November 15, 2012 cash dividend will be Cdn $0.04 per common share. The ex-dividend date is October 18, 2012. The dividend will be payable to all shareholders who hold shares on the record date of October 22, 2012.

The dividend of Cdn $0.04 per common share is equivalent to approximately U.S. $0.041 per common share using a Canadian/U.S. dollar exchange rate of Cdn$1.00:U.S.$1.024. 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.

Pengrowth has a Dividend Reinvestment Plan (DRIP) program and a Premium Dividend™ program, which provide eligible shareholders 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 Plan) and for Canadian participants only, in exchange for a cash payment to the participant equal to 102 percent of the reinvested dividends.

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