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Pengrowth Energy Announces Acquisition of Additional Lochend Cardium Assets

Pengrowth Energy Corporation (PGF.TO) has acquired additional Lochend Cardium assets with production capability of approximately 650 boe/d, weighted 95% to light oil.

The assets acquired complement and consolidate Pengrowth's position in the Alberta Lochend Cardium light oil resource play, the company said, bringing its Lochend Cardium land holdings to 44 net sections. The assets will provide Pengrowth with high-netback oil production and solidify the company's dominant position within the play and increase its inventory of drill ready locations to approximately 105.

PGF shares were off four cents at $5.74.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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