Pengrowth Energy Corporation has completed the previously-announced divestiture of its non-core Weyburn asset. Proceeds from the sale were approximately $316.0 million, net of interim closing adjustments. Proceeds will be used to repay all outstanding bank debt and will partially fund Pengrowth's 2013 capital program.

This leaves Pengrowth undrawn on its $1.0 billion credit facility and with approximately $1.6 billion of long-term debt outstanding, composed of long-term notes and convertible debentures.

As previously announced, Pengrowth is in the process of divesting additional assets with up to $700 million of value.

Tags: Pengrowth Energy Trust