Where Pengrowth is Today and Where We Are Growing
It's an exciting time to be in the oil and gas industry, with fascinating opportunities unfolding at Pengrowth. While maintaining our conventional assets, including Swan Hills light oil, Greater Olds / Garrington light oil and liquids-rich Montney natural gas at Bernadet, we also focus our attention towards development of the first 12,500 bbl/d commercial phase at our Lindbergh Thermal Project, located in East Central Alberta, near Cold Lake.
Our operational expertise is in the Western Canadian Sedimentary Basin. We rely on this expertise to help offset production declines in our conventional oil and natural gas properties as well as develop new production in less mature properties. Our inventory of undeveloped land provides drilling and development opportunities for the short, mid and long-term. Our strategy is to leverage our expertise with these development opportunities to exploit large accumulations of oil, bitumen and natural gas with low declines and low cost structures. Ultimately resulting in Pengrowth becoming a sustainable dividend paying entity.
Our Barbell Strategy for Sustainable Growth
With our diverse geographical locations across the Western Canadian Sedimentary Basin, Pengrowth's current assets consist of an even balance between oil and gas as well as thermal and conventional assets. This balance allows for flexibility in fluctuating market conditions by providing commodity and capital optionality.