Pengrowth Energy Corporation(Nyse:Pgh) Soars On New Guidance Announcements


Dallas, Texas 01/22/2014 (FINANCIALSTRENDS) – Pengrowth Energy Corporation(NYSE:PGH) has seen market gains in the region of 2.9% following the announcement of the new guidance which is $715 million for 2014. Derek Evans, the CEO of Pengrowth has announced that the company will put aside $365 million of its per day output- 12.5k bbl per day, at its Alberta Lindbergh project. it will also put away $250 million of its non-thermal assets where plenty of light oil is available at the Cardium play.

Pengrowth Energy Corporation(NYSE:PGH) management admit that the company is definitely in serious consideration of including transportation technology such as rails to improve and expand its services. The company shares that the location of the Lindbergh site allows for gravity-driven, stream propelled draining opportunity or can be used in combination with truck and rail services as well. The next phase would be to use trucks to move the crude to the rail loading terminal, which would be in the range of $5 per bbl.

Pengrowth Energy Corporation(NYSE:PGH) explains that the there is likely to be a  fall in production in the region of 71 k to 73 k boe per day during the year. In the just ended fourth quarter, the fall was in the region of 75k to 77k. It was found that $700M in 2013, was much lesser than the $770 million which were the targeted figures.

Pengrowth Energy Corporation(NYSE:PGH) holds a market cap of 3.43 billion and volume of 2,357,013 and has dividend rates of 0.44. The EPS for the same is -0.41 and it also has 52 week high trading price of $6.62 and 52 week low of $3.82. The company currently trades at $6.57 and has since recorded gains of 0.61% over previous close.

Pengrowth Energy Corporation(NYSE:PGH) is Canada based Oil and Gas Exploration as well as Drilling company. The company already holds massive reserves across provinces such as Alberta, British Columbia, Nova Scotia as well as Saskatchewan.

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