Pengrowth Energy Board Approves Capital Budget Of $715 Mln For 2014

(RTTNews) - Canada-based oil and gas producer Pengrowth Energy Corp. (PGH, PGF.TO) Thursday said its Board of Directors has approved a $715 million capital budget for 2014, investing $365 million in its Lindbergh thermal oil project and $350 million in its non-thermal assets.

Pengrowth expects $715 million of capital expenditures to generate annual average production of between 71,000 and 73,000 barrels of oil equivalent per day, or boe/d in 2014, fully funded by a combination of operating funds flow and cash on hand from proceeds of the non-core asset dispositions that were executed in 2013.

"We are proud of the milestones we've achieved in executing Pengrowth's ongoing transformation to becoming a more sustainable, dividend paying company. We have done exactly what we said we would do," said Derek Evans, President and Chief Executive Officer.

Pengrowth said it remains committed to maintaining its monthly dividend of $0.04 per share.