Pengrowth Energy Corporation has entered into an agreement for the sale of its non-core Bodo property in eastern Alberta for $95 million. The expected net proceeds from the non-core asset sale will be directed towards reducing Pengrowth's outstanding debt as part of the Company's strategy of strengthening its balance sheet. With the sale of the Bodo asset and including signed letters of intent (LOI's) as well as previously closed dispositions, total expected disposition proceeds in 2015 amount to approximately $260 million of the Company's 2015 disposition target of $600 million.

The Bodo property produced an average of approximately 2,700 barrels of oil equivalent per day (boe/d) (87 percent liquids), year-to-date, ending August 31, 2015 and had proved plus probable (2P) reserves of 12.9 million barrels assigned to it at December 31, 2014, according to the independent reserve evaluators GLJ Petroleum Consultants Ltd.

Tags: Pengrowth Energy Corporation