Pen­growth En­ergy re­leases Sept. 30 NI 51-101 re­serves

Stockwatch Daily - - ENERGY - Mr. Tom McMil­lan re­ports

PEN­GROWTH EN­ERGY Corp. has re­leased its re­serves val­ues ef­fec­tive Sept. 30, 2018, based on an in­de­pen­dent en­gi­neer­ing eval­u­a­tion con­ducted by GLJ Petroleum Con­sul­tants Ltd. us­ing the GLJ Oct. 1, 2018, price fore­cast and pre­pared in ac­cor­dance with Na­tional In­stru­ment 51-101 and the Cana­dian Oil and Gas Eval­u­a­tion Hand­book (COGEH). All eval­u­a­tions and sum­maries of fu­ture net rev­enue are stated prior to pro­vi­sion for in­ter­est, debt ser­vice charges, or gen­eral and ad­min­is­tra­tive ex­penses and af­ter de­duc­tion of roy­al­ties, op­er­at­ing costs, es­ti­mated well aban­don­ment and recla­ma­tion costs, and es­ti­mated fu­ture cap­i­tal ex­pen­di­tures. The in­for­ma­tion in­cluded as “NPV 10" in the at­tached ta­bles rep­re­sents the net present val­ues of fu­ture net rev­enue be­fore in­come taxes at a 10-per-cent dis­count rate, based on an av­er­age of pric­ing as­sump­tions pre­pared by GLJ. It should not be as­sumed that the es­ti­mates of fu­ture net rev­enues pre­sented in the at­tached ta­bles rep­re­sent the fair mar­ket value of the re­serves. Key high­lights:

• Lind­bergh and Ground­birch rep­re­sent 99 per cent of Pen­growth’s com­pany in­ter­est proved and prob­a­ble re­serves with the fol­low­ing break­down:

• Lind­bergh (bi­tu­men) rep­re­sents 70 per cent;

• Ground­birch (nat­u­ral gas) rep­re­sents 29 per cent.

• To­tal proved and prob­a­ble re­serves in­creased 1 per cent to 449 mil­lion bar­rels of oil equiv­a­lent.

• NPV 10 of to­tal proved and prob­a­ble re­serves in­creased 20 per cent to $2.6-bil­lion.

(See PGF Ta­ble 1 on page 22)

(See PGF Ta­ble 2 on page 22)

(See PGF Ta­ble 3 on page 22)

About Pen­growth En­ergy Corp.

Pen­growth En­ergy is a Cana­dian en­ergy com­pany fo­cused on the sus­tain­able devel­op­ment and pro­duc­tion of oil and nat­u­ral gas in West­ern Canada from its Lind­bergh ther­mal oil prop­erty and its Ground­birch Mont­ney gas prop­erty.

Wayne Kim Foo, Kelvin B John­ston, James Dou­glas McFar­land, Al­bert Ter­ence Poole, Peter D Sametz, Don­ald Michael God­frey Ste­wart

(PGF) Shares: 556,117,090

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