PENGROWTH ENERGY TRUST REPORTS SECOND QUARTER 2010 RESULTS
CALGARY, Alberta – August 4, 2010 – Pengrowth Corporation, administrator of Pengrowth Energy Trust (collectively
“Pengrowth”), is pleased to report Pengrowth’s unaudited operating and financial results for the quarter ended June 30, 2010.
All figures are in Canadian dollars unless otherwise stated.
Pengrowth’s unaudited consolidated financial statements for the quarter ended June 30, 2010 and related Management’s
Discussion and Analysis can be accessed immediately on Pengrowth’s website at www.pengrowth.com , and have been filed
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml .
Attention: Financial Editors
Stock Symbol: (PGF.UN) – TSX;
(PGH) – NYSE
On July 12, 2010, subsequent to quarter end, Pengrowth and Monterey Exploration Ltd. announced they have entered
into an arrangement to which Pengrowth will acquire all issued and outstanding common shares of Monterey not
already owned by Pengrowth. The transaction is expected to close in mid-September. The transaction provides
Pengrowth with significant exposure to the Montney gas play, one of the most economic unconventional gas plays
in North America.
Despite an extremely wet quarter, daily production averaged 75,517 barrels of oil equivalent (boe) per day, which was
essentially flat to the first quarter at 75,627 boe per day.
The second quarter operating expenses were $12.55 per boe, a decrease of seven percent when compared to first
quarter operating expenses of $13.50 per boe. Operating expenses were positively impacted by lower subsurface
repair costs and positive prior and current period adjustments. Full year operating expense guidance has been revised
downward from $14.40 per boe to $14.05 per boe.
The poor weather in the second quarter limited Pengrowth’s drilling to 15 gross (8.3 net) wells; nine were cased for
production and six are to b