At A Glance
Pengrowth Energy Corporation is a focused resource developer of two well-defined, long-life projects. Headquartered in Calgary, Alberta, Pengrowth has been producing oil and gas in Western Canada for more than 30 years.
Since our inception, we have evolved from an income trust to an intermediate explorer and producer, and finally to a resource developer of two well-defined, long-life projects. Today, with an estimated 447 million in proved and probable reserves and 56-year 2P reserve life index, the Lindbergh and Groundbirch projects represent a highly focused value generation opportunity. This focus allows us to improve our operational efficiency and, by extension, drive down costs.
Our long-term strategy is to build a sustainable and profitable oil and gas resource development company through our focused and disciplined development of our two long-life, low-cost, competitively advantaged bitumen and natural gas assets.
Our Lindbergh Thermal Oil property covers significant acreage in the Lloydminster oil sands play in Alberta, while our Groundbirch Natural Gas property has an interest in one of the most prolific natural gas shale plays in North America — the Montney. With these two 100-percent operated core growth assets, Pengrowth enjoys an inventory with significant future development opportunities which positions us for sustained growth for years to come.
Today, we are part of an industry that is number one in the world for the ethical and environmentally responsible production of oil and gas. Oil and gas that, given access to global markets, can displace coal and other more carbon-intensive fuels. We will continue to evolve, along with other industry participants, leading the world in the deployment of technologies and practices that further reduce the intensity of greenhouse gas emissions related to our industry.
FUEL FOR THE FUTURE
Pengrowth’s focused portfolio centres on the development of large resource-based assets with a focus on bitumen and natural gas production. Pengrowth’s two core assets are the Lindbergh Thermal Oil and Groundbirch Montney Natural Gas projects, located in Alberta and British Columbia, respectively. These projects provide significant development opportunities in large accumulations of bitumen and natural gas that have low decline rates and low-cost structures.
Lindbergh, located in the Cold Lake area of East Central Alberta, uses steam-assisted gravity drainage to extract oil in situ from the Lloydminster formation. The greater depth of this formation creates higher pressure and better heat transfer which leads to the high performance of this asset.See More
MONTNEY NATURAL GAS
Groundbirch is located in northeast British Columbia in the tight gas Montney resource play, which is regarded as one of the best tight gas plays in North America.See More