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Press release from Marketwire

Pengrowth Announces Its September 2010 Exchangeable Shares Exchange Ratio

Friday, October 01, 2010

Pengrowth Announces Its September 2010 Exchangeable Shares Exchange Ratio17:25 EDT Friday, October 01, 2010CALGARY, ALBERTA--(Marketwire - Oct. 1, 2010) - Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX:PGF.UN) (NYSE:PGH) (collectively "Pengrowth") today announced its increase to the exchangeable share ratio from 1 to 1.00632. Such increase will be effective October 15, 2010 and applies only to Canadian residents who elected to receive Pengrowth exchangeable shares for their Monterey Exploration shares.The following are the details on the calculation of the exchange ratio: ---------------------------------------------------------------------------- 10 Day Weighted Effective Exchange Average Increase Date of Ratio as Record Date Opening Pengrowth Trading in Increase in of of Pengrowth Exchange Distribution Price of Exchange Exchange Effective Distribution Ratio per Unit PGF.un(1) Ratio(2) Ratio Date ---------------------------------------------------------------------------- 30-Sep-10 1.00000 $0.07 $11.08 0.00632 15-Oct-10 1.00632 ---------------------------------------------------------------------------- (1) 10 day weighted average trading price of PGF.un on the Toronto Stock Exchange as of September 30, 2010. (2) The increase in the exchange ratio is calculated by multiplying the distribution per unit by the opening exchange ratio and dividing by the 10 day weighted average price of PGF.un on the Toronto Stock Exchange. (Distribution per Unit Increase in Exchange Ratio = x Opening Exchange Ratio) ------------------------------- 10 Day Weighted Average Price A holder of Pengrowth exchangeable shares can exchange their holdings into Pengrowth Energy Trust units at any time by giving notice to their investment advisor or Computershare Investor Services at 1-800-564-6253 or www.computershare.com.About Pengrowth:Pengrowth Energy Trust is an oil and gas operating company, structured as a trust, with a focus on creating value with the drill bit by drilling operated, low cost, low risk, repeatable opportunities in the Western Canadian Sedimentary Basin ("WCSB"). Pengrowth's operations include production from a number of conventional and unconventional assets and is evenly balanced between liquids and natural gas. Future growth opportunities include the development of conventional oil and natural gas production, heavy oil, shale gas and coalbed methane as well as the addition of production through acquisition. Pengrowth's trust units trade on the Toronto Stock Exchange under the symbol PGF.UN and on the New York Stock Exchange under the symbol PGH.PENGROWTH CORPORATIONDerek Evans, President and Chief Executive OfficerFOR FURTHER INFORMATION PLEASE CONTACT: Pengrowth Corporation Investor Relations (403) 233-0224 or Toll Free: 1-888-744-1111 (403) 693-8889(FAX) investorrelations@pengrowth.com www.pengrowth.com