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2008

Friday 11 July 2008 (PGF.UN : TSX : $18.83)
Net Change: 0.42, % Change: 2.28%, Volume: 252,030
$3.68 million gets you a tonne of mini-dounts at the Calgary Stampede. According to recent insider filings, Pengrowth's CEO purchased 200,000 units in the open market this week at an average cost of $18.40 per unit -a cool $3.68 million. The big question on investors' minds these days is what will energy trusts look like in 2011 and beyond? The simple answer is, "probably like all other oil and gas companies." While the change may not be instantaneous, Canaccord Adams believes that over time, most energy trusts will convert back to a corporate structure and will eventually blend in with the other Canadian intermediate and senior E&Ps. Some will gravitate towards a higher growth strategy while others will remain high dividend paying corporations. Given the current demographic trends (aging population with retiring baby boomers), we believe there will still be a strong appetite for higher yielding investment vehicles and ones that also offer exposure to the oil and gas sector. That being said, we do not believe the market will need 20+ high dividend paying intermediate oil and gas companies to choose from, so we would expect to see further consolidation within the sector over the next few years. Canaccord Adams is a proponent of the notion that "bigger is better", when it relates to operating in the Western Canadian Sedimentary Basin. Larger companies have greater economies of scale and are better able to compete in the high cost, mature basin of Western Canada. Pengrowth's average daily production in the first quarter was 82,711 boe/d.

Thursday 08 May 2008 (PGF.UN : TSX : $19.73 | PGH : NYSE : US$19.68) Q1 as expected
Dundee Securities maintains "neutral", 12-month target price is $20.00
Raymond James maintains "market perform", 6-12 month target price is $18.50
RBC Capital Markets maintains "sector perform", 12-month target price is $18.00
Domtar Corp. (UFS : TSX : $5.89 | NYSE : US$5.84) Early termination of unfavorable contract adds to Q1 earnings, cost inflation catching up with prices Desjardins Securities maintains "buy", 12-month target price is cut to US$8.75 Dundee Securities maintains "neutral", 12-month target price is US$7.50 Tuesday 06 May 2008 Pengrowth (PGF.UN) reported Q1 CFPS of $0.87 compared to RBCCM estimate of $0.89 and consensus of $0.88.

Monday 21 January 2008 Alberta Venture names James Kinnear “Business Person of the Year”
By Jim Swanson Now in its tenth year, the award is designed to identify and recognize individuals who embrace principled leadership, strategic thinking, balanced workplace values and an unrelenting pursuit of excellence.” James S. Kinnear is a major ... The Banff Centre: Communications - www.banffcentre.info/blogs/communications

2007

Thursday 13 December 2007 Pengrowth Management Limited Announces Board of Director and Senior Management Appointments

Wednesday 05 December 2007 (PGF.UN : TSX : $18.18)
Capex increased for 2008 to $387 million
Dundee Securities maintains a "market neutral", target of $19.50
RBC Capital Markets maintains a "sector perform", target of $17.00
Scotia Capital maintains a "sector underperform", target of $17.00

Tuesday 04 December 2007 Pengrowth Energy Trust (PGF.UN) $18.00 – Release of 2008 Budget
Pengrowth announced a capital budget for 2008 of $387 million, including $20 million for Lindbergh (oil sands) and $12 million in building and information technology. RBC CM is now forecasting a rising payout ratio and falling distributions for Pengrowth in 2008 following the revised capital budget. The forecast implies an effective payout ratio of 129%, which is higher than the peer group average of 115%. Prior to the release of the revised capital budget, RBC CM had been forecasting the payout ratio for Pengrowth to be 118% in 2008, which was flat with the level expected in 2007. Management guided operating costs of $13.20/boe in 2008, which is higher than the previous RBC CM estimate of $12.65 /boe and modestly higher year over year. RBC CM expects that Pengrowth will continue to be opportunistic when it comes to large resource play acquisitions. The analyst observes that Pengrowth has demonstrated its ability to step up and make strategic acquisitions when the opportunity arises and that the current conditions for such opportunities are good. RBC CM is maintaining its $17.00 /unit price target an Sector Perform, Average Risk rating. Cash distributions for 2008 are forecasted at $2.70 /unit.

Tuesday 04 December 2007 (PGF.UN-T) C$18.00 Roger Serin, P.Eng., 403 299 7964
HOLD (Unchanged);Target: C$18.50 ? (Prior: C$17.00)
PGF Provides 2008 Guidance - Higher Capex = Higher Production

Wednesday 07 November 2007 (PGF.UN : TSX : $17.56 | PGH : NYSE : US$18.97)
Good Q3 results
BMO Capital Markets maintains "market perform", 12-month target price is $18.00
Canaccord Adams maintains "hold", 12-month target price is raised to $16.50
RBC Capital Markets maintains "sector perform", 12-month target price is $17.00

Monday 01 October 2007 Pengrowth Energy Trust (PGF.UN : TSX : $18.64), Net Change: 0.03, % Change: 0.16%, Volume: 432,588
The Abu Dhabi National Energy Saddledome, the proud home of the Calgary Flames. It has been an up and down couple of weeks for Pengrowth. The trust traded down after it announced a distribution cut, suffered with the rest of the sector on talk of Alberta’s new royalty regime, and rallied on the news of that the Abu Dhabi National Energy Company PJSC (TAQA) was buying PrimeWest Energy Trust (PWI.UN) for a staggering $5 billion in cash. What went unnoticed in all the noise was the recent insider activity in Pengrowth. According to insider reports filed last week, Pengrowth’s President and CEO bought just over $1 million (57,200 units at $17.94 per unit) worth of units on September 24. Canaccord Adams Royalty Trust Analyst Bruce McDonald went through the exercise of running his 2008 forecasts under Alberta’s proposed royalty regime. What did he find? Projected returns would be negative for the likes of Pengrowth, Canadian Oil Sands Trust (COS.UN) and Trilogy Energy Trust (TET.UN). Could TAQA be interested in Pengrowth’s 85,000 boepd in production? Throw in the naming rights to the Pengrowth Saddledome and it might be a deal.

Wednesday 19 September 2007 Pengrowth Energy Trust (PGF.UN : TSX : $17.55)
Distribution cut by 10%
Raymond James maintains "market perform", 6-12 month target price is cut to $17.50
RBC Capital Markets maintains "sector perform", 12-month target price is $17.00

Tuesday 18 September 2007 Pengrowth Energy Trust (PGF.UN-T) C$17.55 Roger Serin, P.Eng.,
HOLD (Unchanged);Target: C$15.50 (Unchanged)
As Expected PGF Drops DPU - Half Way There, More Forecast in '08

Pengrowth Energy Trust (PGF.UN : TSX : $17.55), Net Change: -0.19, % Change: -1.07%, Volume: 958,657
It was gonna happen sooner or later, wasn’t it? Pengrowth announced a distribution cut yesterday. Its October 15, 2007 cash distribution will be $0.225 per trust unit. This represents a reduction of 10%, or $0.025 from Pengrowth’s monthly distribution of $0.25 per trust unit for the first three quarters of 2007. Canaccord Adams Royalty Trusts & Income Funds Analyst Bruce McDonald has said for sometime now that Pengrowth along with Trilogy Energy Trust (TET.UN) - credit facility due in October - and Vault Energy Trust (VNG.UN) – credit facility room but higher-than-average payout and high debt to cash flow ratio - have the riskiest distributions. Last month, Pengrowth revised its 2007 production guidance to 85,000 to 87,500 boepd. In addition, Pengrowth announced plans to divest of 8,900 boepd of non-core assets, an increase from 7,700 boepd previously. Pengrowth has sold 5,200 boepd of assets thus far in 2007, with the remaining 3,700 boepd to be divested in Q3/07. In June 2007, Pengrowth extended its syndicated bank facility to $1.2 billion and extended the maturity date until June 2010. Currently, Pengrowth has over $575 million of unused credit facility putting it in a position of financial flexibility and providing it with the ability to pursue increased capital development activity.

Monday 17 September 2007 Pengrowth Energy Trust (PGF.UN) - $17.74 - Distribution Reduced to Fund Capital Program
Sector Perform, Average Risk - Price Target: $17.00
Pengrowth announces reduction to monthly cash distributions from $0.25 to $0.225/unit. The 10% cut is consistent with RBC CM’s expectation and it believes this will come as no surprise to the market given the high simple payout ratio over the last three quarters (over 90%). The revised distribution level represents a yield of 15.2%. The Board resolved to reduce the distribution in order to provide capital to fund property development and acquisitions, including potential international investments. Management disclosed that Pengrowth has acquired 36 net sections of land in the highly prospective Puskwa area of northwest Alberta. 2008 simple payout ratio is estimated to be 84% and capital-adjusted payout ratio of 121% - both are above the averages for the coverage group of 68% and 117%, respectively. In addition, the trusts announced that a significant degree of hedging has been put in place for 2008 - 38% of estimated natural gas production and 35% of oil. The natural gas hedges are at an attractive average price of $8.43 /mcf and in total the hedge book adds $0.18 /unit to our 2008 cash flow estimate.

Monday 03 September 2007 Pengrowth Management Limited Announces Executive Appointment

Friday 03 August 2007 pengrowth energy(pgf.un)$19.24 - Improving balance sheet but premium valuation already there. RATING: underperform. TARGET PRICE: $18.00. RISK RATING: above average.
Q2 2007 CFPU (FD) of $0.80 was 6% below our $0.86 estimate owing mostly to higher than expected operating costs – admittedly, our $12.00/boe forecast was aggressive being below the Trust’s $13.00/boe guidance (pre-solvent amortization), but it reflected the strong improvements in Q1, during which it reported opex of $12.46/boe. Production for the quarter was 89,600 boe/d, in line with our 90,900 boe/d estimate. Full year production is now expected to average 85,000- 87,500 boe/d (was 84,000 - 87,500 boe/d) – with the increase in the bottom end of the range reflecting differences in timing on its disposition program. Pengrowth now expects to sell 8,900 boe/d (up from 7,700 boe/d previously), having sold approximately 5,200 boe/d to date, raising proceeds of $282 million ($207 million in Q2). We increased our valuation multiples on Pengrowth in conjunction with last week’s announcement of expanded credit facilities to $1.2 billion and its US$400-million private debt placement – a function of the increased financial flexibility that these provide. In effect, we restored some of the typical U.S. interlisted premium in our valuation. That said, its units already trade at 6.7x P/2008e CF (peer average 6.0x), a premium we believe does not reflect continued above average debt levels, sustainability profile, and near-term potential for a distribution cut. With a simple payout ratio approaching 90%, we maintain our forecast for a distribution cut from $0.25/unit to $0.22/unit commencing with its October payment.

Friday 15 June 2007 Pengrowth Energy Trust (PGF.UN) - $20.00 - Mini Report: Update on Operations
Sector Perform, Average Risk – Price Target: $17.00
RBC CM has published a mini report on PGF.UN today. Pengrowth focuses on large resource in place projects that provide the potential for upward reserve revision when technological advances allow for increased recoveries, which gives Pengrowth a "call option" on future technologies. Pengrowth has been a trust for nearly 20 years and is one of the largest conventional oil & gas trusts. Pengrowth has a long and successful history of property and corporate acquisitions, but is now shifting its strategy to a “Sustainability model" whereby internal cash flows will be split between cash distributions and reserve replacement. Pengrowth has strengthened its internal technical capabilities. Pengrowth’s decline in reserves/production per unit has been a conservative 5% to 6% annually and since 2003, they have adopted a more conservative payout ratio. To this effect, RBC CM is forecasting that PGF.UN will cut distributions in Q4’07 to $0.225 /unit monthly from the current $0.25 /unit. RBC CM believes that if Pengrowth is able to reduce its debt (they are selling non-core production) without materially impacting its reserves/production per unit, then they could positively surprise the market over the next two years.

Monday 07 May 2007 Pengrowth Energy Trust (PGF.UN) - $19.34 – Q1 Volumes In line; Target Increase
Sector Perform, Average Risk – Price Target $17.50 (up from 17.50)
Production in the quarter was essentially in line with RBC CM estimates and up 16% q/q, reflecting the inclusion of the ConocoPhillips ("COP") properties acquired on January 22nd. Cash flow of $0.82/unit was modestly lower than RBC CM estimate of $0.87/unit and consensus of $0.84/unit. The key variance to RBC estimate was higher than expected interest expense owing to the debt associated with the COP transaction. Operating netbacks were in line with forecast. Integration of the assets acquired from ConocoPhillips is underway and the trust has entered a transition services contract with ConocoPhillips that extends to the end of May in order to aid with continuity. Management reports that the integration of Esprit is going well, despite some initial delays associated with the Trifecta assets (which were acquired by Esprit shortly before the takeover by Pengrowth). Integration of the Carson Creek assets is now complete. In the first quarter, two divestitures were completed for proceeds of $75MM and a further $154MM in dispositions closed subsequent to quarter-end. For the year, the trust intends to dispose of $300-450MM of non-core properties, representing ~7,700 boe/d of production. The simple payout ratio was 91%, down from Q4/06 but still above the peer group average. RBC CM still believes the distribution will be reduced and forecasts a 10% cut in Q3/07. A cut of this magnitude implies a yield of 14% based on the current price. Pengrowth has assembled an attractive portfolio of large original resources in place legacy assets, but RBC CM remains neutral on the stock due to valuation and debt levels. Target is increased by $0.50/unit to $17.50/unit.

Apr 20, 2007 Pengrowth Energy Trust to Mark Five-Year Listing Anniversary by Ringing Closing Bell

Monday 29 January 2007 PENGROWTH ENERGY TRUST(PGF.UN)$20.43 – IMPLIED CAPITAL EFFICIENCY: CONSERVATIVE OR INTEGRATION ISSUES? RATING: UNDERPERFORM. TARGET: $18.00. RISK RATING: ABOVE AVERAGE.
Pengrowth guided to 2007 production of 83,000-87,500 boe/d (net of 7,700 boe/d in planned dispositions) on capital of $300 million. Operating costs are expected to average $13.00/boe. The production guidance range implies some uncharacteristic capital efficiencies of above $51,000/boe/d, especially in the context of the $30,000/boe/d capital efficiency estimated for 2006. This suggests two things to us: either the production guidance is conservative (a similar story to when it reported its 2006 production guidance); or a lower than expected exit rate for 2006, which may imply higher declines/integration issues on its significant level of recent acquisition activity. Q4 2006 results should provide confirmation. Initial year-end 2006 reserves of 298.0 mmboe were in line with our 295.3 mmboe estimate. We estimate a P50 F&D costs of $12.25/boe – well below the Trust’s $23.00/boe longer-term average. Including acquisitions, P50 FD&A costs were much higher at $20.45/boe. Lower valuation estimates should prompt a $1.00 reduction to our target. However, we are maintaining our $18.00 target for now, awaiting Q4 2006 results to confirm the capital efficiency question noted above. We maintain our Underperform rating.

Friday 26 January 2007 Pengrowth Corporation Announces Guidance for 2007, Details of 2007 Capital Expenditure Program and Initial Year End Reserve Figures
CALGARY, ALBERTA--(CCNMatthews - Jan. 25, 2007) - Pengrowth Corporation (Pengrowth), administrator of Pengrowth Energy Trust (TSX:PGF.UN)(NYSE:PGH), is pleased to provide guidance for 2007 based on a budget, approved by its Board of Directors, which includes a $275 million development capital expenditure program for 2007, as well as a one-time expenditure of $25 million for new office space.

2006

Pengrowth Energy Trust Confirms Cash Distribution for January 15, 2007

CALGARY, ALBERTA -- (MARKET WIRE) -- December 18, 2006 -- Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX: PGF.UN) (NYSE: PGH), today confirmed its January 15, 2007 cash distribution will be Cdn $0.25 per trust unit. The distribution is net of amounts withheld to finance capital expenditures. The ex-distribution date is December 27, 2006. The distribution will be payable to all Pengrowth unitholders who hold trust units on the record date of December 29, 2006.

The distribution of Cdn $0.25 per trust unit is equivalent to approximately U.S. $0.22 per trust unit using a U.S./Canadian dollar exchange ratio of 1.1567. The actual U.S. dollar equivalent distribution will be based upon the actual U.S./Canadian exchange rate applied on the payment date, net of applicable Canadian withholding taxes. This distribution relates to the production month of November 2006. Cash distributions paid over the past 12 months now total Cdn $3.00 per trust unit or approximately U.S. $2.63 per trust unit.

PENGROWTH CORPORATION

James S. Kinnear, President

Contacts:
Pengrowth
Investor Relations
(403) 233-0224 or Toll Free: 1-800-223-4122
(403) 294-0051 (FAX)
Email: investorrelations@pengrowth.com

Pengrowth
Investor Relations, Toronto
Toll Free: 1-888-744-1111
(416) 362-8191 (FAX)
Website: www.pengrowth.com

Monday 04 December 2006 Pengrowth Energy Trust Announces Extension of Its Offer to Purchase Outstanding Convertible Debentures

November 29, 2006 PRESS RELEASE Pengrowth Energy Trust Announces $1.0375 Billion ...
James S. Kinnear, Chairman, President and Chief Executive Officer. Advisory:. This news release shall not constitute an offer to sell or the solicitation of ...
Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX: PGF.UN)(NYSE: PGH), (collectively, "Pengrowth") is pleased to announce that it has entered into a definitive agreement to acquire Canadian oil and natural gas producing properties and undeveloped lands (the "CP Properties") through the acquisition of the shares of four subsidiaries of Burlington Resources Limited, a subsidiary of ConocoPhillips, for a purchase price of $1.0375 billion, subject to customary adjustments.

Wednesday 29 November 2006 Pengrowth buying four ConocoPhillips properties for $1-billion
Acquisitions will substantially increase production
CALGARY — Pengrowth Energy Trust is paying about $1-billion for four Canadian oil and gas subsidiaries of Burlington Resources Ltd., which is owned by U.S. energy giant ConocoPhillips.

Tue Nov 7, 2006 UPDATE 1-Canada's Flaherty unswayed by energy trust meeting

Friday 03 November 2006 PENGROWTH ENERGY(PGF.UN)$18.61 –
A TAXING SITUATION – LAG IN FOREIGN OWNERSHIP RESPONSE. RATING:
SECTOR PERFORM. TARGET: $17.50. RISK RATING: ABOVE AVERAGE.
Pengrowth reported Q3 2006 CFPU (FD) of $0.88, in line with our $0.85 estimate. Production of 58,340 boe/d compared with our 57,100 boe/d estimate. Pengrowth now expects Q4 production of 79,000 boe/d, down from 81,000 boe/d. Pengrowth noted it had an exclusivity agreement with a third party to make a significant asset acquisition. With the 15% decline in its unit price since the government announced it would tax income trusts, the economics of completing such a transaction have weakened (given the likely need to fund a significant portion through equity). Carrying a lower exit rate forward, our 2007 production estimate declines 1,100 boe/d to 77,000 boe/d. A significant increase in hedging positions at prices well above our 2007 commodity forecast provides accretion on the cash flow front. Our 2007e CFPU (FD) estimate increases 7% to $3.40 and our 2007e debt-adjusted AFFO estimate gains 19% to $1.64/unit. Meanwhile, 2006e blow-down NAVPU declines 1% to $14.40. We continue to forecast a reduction in the Trust’s monthly distribution from $0.25/unit to $0.22 in Q1/06. We maintain our $17.50 target and Sector Perform rating. In our view, the unit price has yet to reflect the trust’s large U.S. retail-owned unitholder base (estimated at 50%). Pengrowth has outperformed our coverage list, declining 15% versus the 19% average of our coverage list in the past two days despite having one of the higher foreign ownership bases. It is taxable foreign investors that take one of the largest hits from the new tax and would be the larger sellers.

Pengrowth Energy Trust Announces Third Quarter 2006 Results
CALGARY, ALBERTA--(MARKET WIRE)--Nov 2, 2006 -- Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX:PGF-UN.TO - News) (NYSE:PGH - News) (collectively "Pengrowth"), is pleased to announce the interim unaudited operating and financial results for the three and nine month periods ended September 30, 2006.

Monday 02 October 2006 PENGROWTH ENERGY TRUST(PGF.UN)$21.94 – BANKING ON EOR UPSIDE AT CARSON CREEK. RATING: UNDERPERFORM. TARGET: $23.00. RISK RATING: ABOVE AVERAGE. INDUSTRY RATING: MARKET WEIGHT.
We are reinitiating coverage on Pengrowth following the closing of its $527-million trust unit financing related to its $475-million acquisition of assets located in the Carson Creek area of Central Alberta from ExxonMobil. We estimate deal metrics of $92,500 per producing boe and $25.00/boe of P50 reserves resulting in a blow-down rate of return of 3-4% – consistent with many acquisitions to date in 2006. Inclusive of infill drilling opportunities and longer-term CO2 recovery potential, we estimate rates of return could climb to 13-14% (on an unrisked basis). Overall, our 2007e CFPU (FD) estimate declines 3% to $4.31 and our 2007e debt-adjusted AFFO estimate remains largely unchanged at $2.43/unit. Meanwhile, our 2006e NAVPU declines 2% to $15.20. With only minor changes to our valuation estimates from the acquisition, we are maintaining our $23.00 target. While recent unit price weakness has improved the upside potential, with our commodity price review due out in short order, we maintain our Underperform rating. Also keeping us on the sidelines from upgrading the units is near-term risk on the distribution front. Pro forma the merger with Esprit, we find the Trust’s distribution to be safe at current strip pricing through the next two quarters – i.e., US$65.00/bbl WTI and Cdn$7.25/mcf AECO. Commodity prices below the current strip could, however, test the top end of the Trust’s historical payout target of 90%.

SEPTEMBER 18, 2006 - 17:05 ET Pengrowth Energy Trust Announces $475,000,000 Acquisition of Assets in the Carson Creek Area of North Central Alberta

Pengrowth Energy Trust Confirms Cash Distribution for September 15, 2006

CALGARY, ALBERTA -- (MARKET WIRE) -- August 22, 2006 -- Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX: PGF.UN) (NYSE: PGH), today confirmed its September 15, 2006 cash distribution will be Cdn $0.25 per trust unit. The distribution is net of amounts withheld to finance capital expenditures. The ex-distribution date is August 29, 2006. The distribution will be payable to all Pengrowth unitholders who hold trust units on the record date of August 31, 2006.

The distribution of Cdn $0.25 per trust unit is equivalent to approximately U.S. $0.22 per trust unit using a U.S./Canadian dollar exchange ratio of 1.1165. The actual U.S. dollar equivalent distribution will be based upon the actual U.S./Canadian exchange rate applied on the payment date, net of applicable Canadian withholding taxes. This distribution relates to the production month of July, 2006. Cash distributions paid over the past 12 months now total Cdn $2.96 per trust unit or approximately U.S. $2.57 per trust unit.

PENGROWTH CORPORATION

James S. Kinnear, President

Tuesday Jul 25, 2006 fp PENGROWTH ENERGY TRUST Pengrowth Energy Trust agreed to acquire Esprit Energy Trust to increase gas output and add drilling prospects. One Esprit unit will be exchanged for 0.53 of a Pengrowth unit, the two Calgary-based trusts said in a joint statement yesterday. The transaction values Esprit at about $1.09-billion

Monday, March 27, 2006 fp Challenges in the oilpatch

Lienmarché CNX
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Buyside Magazine online - designed by Chris Casarez.
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CNX Marketlink
PENGROWTH announces A new management agreement. Stock Symbol: PGF.UN, TSX; PGH,
NYSE CALGARY, May 15 /CNW/ - PENGROWTH CORPORATION ("PENGROWTH"), ...

Pengrowth Energy Trust Confirms Cash Distribution for March 15 ...
Please note that a general tax information package will be available on the
Pengrowth website within the same period. PENGROWTH CORPORATION James S. Kinnear ...

MarketCenter - News - News Story
PENGROWTH CORPORATION James S. Kinnear, President. SOURCE: Pengrowth Energy Trust
Pengrowth Energy Trust Investor Relations (403) 233-0224 or Toll Free:
.

Calgary, September 25, 2001 James S. Kinnear Named as Prairies’ Top Entrepreneur at the Ernst & Young 2001 Entrepreneur Of The Year® Awards

2005

Stock Symbol: (PGF.A/PGF.B) - TSX;
                  (PGH) - NYSE

    CALGARY, Oct. 21, 2004 /PRNewswire-FirstCall/ - Pengrowth Corporation
("Pengrowth"), administrator of Pengrowth Energy Trust ("Trust"), announced
today that the cash distribution for November 15, 2004 will be Cdn $0.23 per
trust unit. The distribution is net of amounts withheld to finance capital
expenditures. The ex-distribution date is October 28, 2004. The distribution
will be payable to all unitholders who hold Class A or Class B trust units on
the record date of November 1, 2004.
    The distribution of Cdn $0.23 per trust unit is equivalent to
approximately U.S. $0.18 per trust unit using a U.S./Canadian dollar exchange
ratio of 1.2436. The actual U.S. dollar equivalent distribution will be based
upon the actual U.S./Canadian exchange rate applied on the payment date, net
of applicable Canadian withholding taxes.
    This distribution relates to the production month of September, 2004.
Cash distributions paid over the past 12 months now total Cdn $2.57 per trust
unit or approximately U.S. $1.95 per trust unit.

    PENGROWTH CORPORATION
    James S. Kinnear, President