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Pengrowth Outlines 'Landmark Year'; Drops $1.0B in Non-Core Assets
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Pengrowth Energy Corporation has reported its financial and operating results for the fourth quarter and the full year 2013, as well as strong 2013 year-end reserve results.
Production for the fourth quarter and the full year 2013 was above guidance, averaging 77,371 barrels of oil equivalent per day (boe/d) and 84,527 boe/d, respectively. The Company entered 2014 with approximately $450 million of cash on hand and the financial capacity to complete construction of the first commercial phase of its Lindbergh thermal bitumen project, with expected first steam in the fourth quarter of 2014 and first oil in early 2015.
Improved capital efficiency in the non-thermal business, including an expanded and highly attractive Cardium drilling program in the Lochend and Garrington areas, allowed…
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