Pengrowth Energy Corporation announced capital expenditure guidance for the year 2018 and 2019 and production guidance for the year 2018, 2019 and 2020. For the year 2018, the company expects capital expenditure to be CAD 65 million. capital expenditure budget remains unchanged

For 2019, the company expects capital expenditure to be in range of CAD 120 million to CAD 125 million.

For the year 2018, the company expects Corporate Production to be in range of 22,500 to 23,500 boe per day.

For the year 2019, the company expects Corporate Production to be in range of 22,000 to 22,500 boe per day. Excludes production volumes from SOEP as decommissioning activities expected to commence in 2018, also assumes curtailed production at Groundbirch pending improved natural gas prices and no additional divestments. Although overall corporate production is expected to modestly decline in 2019 with the fully funded ecommissioning of the Sable Offshore Energy Project (SOEP), cash flows are expected to increase materially in 2019, assuming current oil pricing and the expiry of WTI hedges at the end of 2018.

For the year 2020, the company expects Corporate Production to be in range of 23,000 to 24,000 boe per day.

The drilling of eight infill wells at Lindbergh has been completed and incremental production volumes from these wells are being brought on stream. Production volumes from Lindbergh surpassed 17,500 bbl per day for the five-day period ended June 25, 2018, representing an increase of approximately 25% from the start of the year. Lindbergh production is expected to exceed 18,000 bbl per day by the end of the year, and average 16,500 bbl per day for full year 2018. Total production at Groundbirch has increased from approximately 9 million cubic feet (MMcf) per day at the start of the year to more than 28 MMcf per day in early April. With the continued weakness in Western Canadian natural gas prices, Pengrowth has elected to curtail production volumes at Groundbirch to approximately 20 MMcf per day.