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Press release from Marketwire

Pengrowth Announces Its November 2010 Exchangeable Shares Exchange Ratio

Thursday, December 02, 2010

Pengrowth Announces Its November 2010 Exchangeable Shares Exchange Ratio18:06 EST Thursday, December 02, 2010CALGARY, ALBERTA--(Marketwire - Dec. 2, 2010) - Pengrowth Corporation, administrator of Pengrowth Energy Trust (collectively "Pengrowth") (TSX:PGF.UN) (NYSE:PGH) today announced its increase to the exchangeable share ratio from 1.01221 to 1.01757. Such increase will be effective December 15, 2010.The following are the details on the calculation of the exchange ratio:---------------------------------------------------------------------------- 10 Day Effective Weighted Date of Exchange Average Increase Increase Ratio asRecord Date Opening Pengrowth Trading in in ofof Pengrowth Exchange Distribution Price of Exchange Exchange EffectiveDistribution Ratio per Unit PGF.un(1) Ratio(2) Ratio Date--------------------------------------------------------------------------------------------------------------------------------------------------------01-Dec-10 1.01221 $0.07 $13.22 0.005360 15-Dec-10 1.01757----------------------------------------------------------------------------(1) 10 day weighted average trading price of PGF.un on the Toronto Stock Exchange as of December 1, 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 UnitIncrease in Exchange Ratio = x Opening Exchange Ratio) ------------------------------- 10 Day Weighted Average PriceIn order to qualify to receive the increase in exchange ratio, the holder of the Pengrowth exchangeable shares must hold the exchangeable shares until the effective date of the increase in exchange ratio, in this case December 15, 2010. 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. 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 has announced its plan to convert to a corporation as of December 31, 2010. 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 about Pengrowth, please visit our website www.pengrowth.com.FOR FURTHER INFORMATION PLEASE CONTACT: Investor RelationsPengrowth(403) 233-0224 or Toll Free: 1-888-744-1111(403) 693-8889 (FAX)investorrelations@pengrowth.comwww.pengrowth.com