Pengrowth Energy Trust Announces the Closing of U.S. $400 Million Private Placement of Notes

Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX: PGF.UN) (NYSE: PGH), has closed a U.S. $400 million offering of notes issued on a private placement basis in the United States.

The private placement consists of U.S. $400 million of 6.35 percent notes due in 2017. The notes are unsecured and rank equally with Pengrowth's bank facilities and existing term notes.

On June 15, 2007, Pengrowth increased its syndicated bank facility to $1.2 billion of available credit and extended the maturity date to June 16, 2010. On July 13, 2007, with proceeds from Pengrowth's increased bank facility, Pengrowth fully repaid the remaining $322 million outstanding on the $600 million bridge facility due January 22, 2008 obtained in conjunction with the CP properties acquisition. Pengrowth intends to use the net proceeds of the notes to reduce amounts outstanding on its bank facilities which increases Pengrowth's unused credit capacity.

During 2007, Pengrowth has reduced indebtedness and enhanced portfolio quality and focus through the selective disposition of non-core assets netting proceeds of $283 million to date, prior to closing adjustments. Phase two of the disposition process is anticipated to close prior to year end 2007. Net proceeds from Phase two dispositions will be used to further repay bank facilities.

The notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Pengrowth Energy Trust is one of the larger energy royalty trusts in North America. Trust units trade on the New York Stock Exchange (PGH) and the Toronto Stock Exchange (PGF.UN). Through the purchase of trust units, unitholders participate in the ownership of a large portfolio of crude oil and natural gas properties, receiving the net cash flow (after expenses and other withholdings), paid monthly, as the oil and gas reserves are produced. Pengrowth's property portfolio is one of the higher quality in the energy trust sector with a proved plus probable reserve life index of approximately 10 years and a reserve base of approximately 360 million barrels of oil equivalent at December 31, 2006 pro forma for the ConocoPhillips properties acquisition. Pengrowth's assets are characterized by low decline rates and high development potential allowing for stable production.

PENGROWTH CORPORATION

James S. Kinnear, Chairman, President and Chief Executive Officer

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