Pengrowth Energy Trust
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Pengrowth Energy Trust
Pengrowth Corporation

Pengrowth Corporation

February 28, 2005 12:35 ET

Pengrowth Energy Trust Announces the Closing of the Swan Hills Unit No. 1 Acquisition

CALGARY, ALBERTA--(CCNMatthews - Feb. 28, 2005) - Pengrowth Corporation
("Pengrowth"), administrator of Pengrowth Energy Trust, announced today that it
has closed the previously announced acquisition of an additional working
interest in Swan Hills Unit No. 1. Pengrowth successfully acquired an additional
working interest of 11.89% increasing Pengrowth's total working interest in the
Swan Hill Unit to 22.34%. The acquisition will add approximately 1,390 barrels
of oil equivalent (boe) production per day and additional reserves of
approximately 9.7 mmboe on a total proved reserves basis and 12.0 mmboe on a
proved plus probable reserves basis based on an independent appraisal performed
by Gilbert Laustsen Jung Associates Ltd. The transaction was completed for an
adjusted purchase price of $87 million. Pengrowth funded the purchase through
existing bank facilities.

PENGROWTH CORPORATION

James S. Kinnear, President

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