Pengrowth Energy Trust Announces Strategic Acquisition of Monterey Exploration Ltd.

Pengrowth Corporation, administrator of Pengrowth Energy Trust (TSX:PGF.UN)(NYSE:PGH) and Monterey Exploration Ltd. (TSX:MXL)announced that they have entered into an arrangement agreement pursuant to which Pengrowth Corp. will acquire all of the issued and outstanding common shares of Monterey not presently owned by Pengrowth.

The press release is quoted as saying:

Under the terms of the Arrangement, each Monterey shareholder may elect to receive either: (i) 0.8298 of a Pengrowth trust unit; or (ii) 0.8298 of an exchangeable share of Pengrowth Corp., with each exchangeable share being exchangeable for one Pengrowth trust unit. The purchase price is equivalent to approximately $8.30 per common share of Monterey based on the 10-day volume weighted average price of $10.00 per Pengrowth unit.

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