EXHIBIT 99.4





SUPPLEMENTAL UNAUDITED DISCLOSURES


ABOUT OIL AND GAS PRODUCING ACTIVITIES REQUIRED UNDER UNITED


STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
























































































































































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SUPPLEMENTAL INFORMATION — OIL AND GAS PRODUCING ACTIVITIES


(unaudited)


The following are supplementary oil and gas disclosures required as a result of Pengrowth being a SEC registrant. All amounts pertain to Pengrowth’s audited annual financial statements prepared in accordance with International Financial Reporting Standards (" IFRS "). All amounts are in millions of Canadian dollars unless otherwise noted.


OIL AND GAS RESERVES


Users of this information should be aware that the process of estimating quantities of "proved" and "proved developed" crude oil and natural gas reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history, and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions to existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures.


Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations.


Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.


Canadian provincial royalties are determined based on a graduated percentage scale which varies with prices and production volumes. Canadian reserves, as presented on a net basis, assume royalty rates in existence at the time the estimates were made, Pengrowth’s estimated future production volumes and SEC Modernization of Oil and Gas Reporting rules, using the average of the first-day-of-the-month prices for the prior 12 month period. This same 12 month average price is also used in calculating the aggregate amount of (and changes in) future cash inflows related to the standardized measure of discounted future net cash flows. The unaudited supplemental information on oil and gas exploration and production activities for 2013 and 2012 has been presented in accordance with the SEC Modernization of Oil and Gas Reporting reserve estimation and disclosure rules. Future fluctuations in prices, production rates, or changes in political or regulatory environments could cause Pengrowth's share of future production from Canadian reserves to be materially different from that presented.


Subsequent to December 31, 2013, no major discovery or other favorable or adverse event is believed to have caused a material change in the estimates of proved or proved developed reserves as of that date.














COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION AND DEVELOPMENT ACTIVITIES





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Costs incurred in oil and gas producing activities for the years ended December 31 are as follows:


(millions of dollars)20132012Property acquisition costs- Proved$16.0$1,156.2- Unproved—705.1Exploration costs4.672.1Development costs438.9556.4Injectants costs6.74.4$466.2$2,494.2


Acquisition costs include costs incurred to purchase, lease, or otherwise acquire oil and gas properties.


Development and exploration costs include the costs for drilling and equipping development and exploratory wells, constructing facilities to extract, treat, gather and store oil and gas.  Development costs also include capitalized amounts associated with asset retirement obligations and capitalized interest.


Injectants (mostly ethane and methane) are used in miscible flood programs to stimulate incremental oil recovery. The cost of injectants purchased from third parties for miscible flood projects is deferred and amortized over the period of expected future economic benefit which is estimated to be 24 months.


Pengrowth capitalizes a portion of general and administrative costs associated with exploration and development activities.


Approximately $819 million (2012 – $564 million) of capitalized costs to acquire and evaluate unproven and development properties has been excluded from depletion.





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CAPITALIZED COSTS RELATING TO OIL AND GAS PRODUCING ACTIVITIES


The capitalized costs and related accumulated depreciation, depletion and amortization, including impairments, relating to Pengrowth’s oil and gas exploration, development and producing activities at December 31 consist of:


(millions of dollars)20132012Oil and natural gas assets$4,802.3$5,898.5Add: Exploration and evaluation assets419.3563.6$5,221.6$6,462.1Unproved oil and gas propertiesUnproven properties included in oil and natural gas assets$1,123.2$1,642.9Exploration and evaluation assets419.3563.6$1,542.5$2,206.5Proven oil & gas properties3,679.14,255.6Total capitalized costs$5,221.6$6,462.1

















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OIL AND GAS RESERVE INFORMATION


All of Pengrowth’s proved oil, natural gas liquids, and natural gas reserves are located in Canada, in the provinces of Alberta, British Columbia, Saskatchewan and Nova Scotia. Pengrowth’s proved developed and undeveloped reserves after deductions of royalties are summarized below: Net Proved Developed and Undeveloped Reserves After RoyaltiesCrude Oil and NGLsNatural GasMMbblsBcfEnd of year 2011105.6501.4Revisions of previous estimates (including infill drilling & improved recovery)2.6(69.8)Purchase of reserves in place30.7156.7Sale of reserves in place(0.3)(2.4)Discoveries and extensions13.03.1Production(13.1)(78.8)End of Year 2012138.5510.2Revisions of previous estimates (including infill drilling & improved recovery)7.4107.8Purchase of reserves in place0.41.3Sale of reserves in place(30.0)(60.4)Discoveries and extensions61.48.3Production(13.2)(72.2)End of Year 2013164.5495.0Net Proved Developed Reserves After RoyaltyCrude Oil and NGLsNatural GasMMbblsBcfEnd of year 201081.3439.4End of year 201185.9436.1End of year 2012105.3463.1End of year 201378.3430.7


Notes:


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|1. | Net after royalty reserves are Pengrowth’s lessor royalty, overriding royalty, and working interest share of the gross remaining reserves, after deduction of any crown, freehold and overriding royalties. Crown royalties are subject to change by legislation or regulation and vary depending on production rates, selling prices and potential timing of initial production.

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|2. | Reserves are the estimated quantities of crude oil, natural gas and related substances anticipated from geological and engineering data to be recoverable from known accumulations, from a given date forward, by known technology, under existing operating conditions and the average of the commodity prices on the first day of each month for the year ended December 31, 2013 and 2012.

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|3. | Proved oil and gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.

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|4. | Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves are reserves that are expected to be recovered from known accumulations where a significant expenditure is required.

STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES


The following information is based on crude oil and natural gas reserve and production volumes estimated by the independent engineering consultants of Pengrowth. It may be useful for certain comparison purposes, but should not be solely relied upon in evaluating Pengrowth or its performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the Standardized Measure of Discounted Future Net Cash Flows be viewed as representative of the current value of Pengrowth’s reserves.


The future cash flows presented below are based on cost rates, and statutory income tax rates in existence as of the date of the projections and the average of commodity prices in effect on the first day of each month for the year ended December 31, 2013 and December 31, 2012. It is expected that revisions to some estimates of crude oil and natural gas reserves may occur in the future, due to development and production of the reserves that may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used.


Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated.


The computation of the standardized measure of discounted future net cash flows relating to proved oil and gas reserves at December 31, 2013 was based on the following average of the first-day-of-the-month benchmark prices for the twelve month period before the end of the year: Edmonton par crude oil price of $93.12/bbl (2012 - $87.85/bbl) and AECO natural gas price of $3.15/MMBtu (2012 - $2.33/MMBtu).


STANDARDIZED MEASURE OF DISCOUNTED FUTURE CASH FLOW RELATING TO PROVED OIL AND GAS RESERVES


The following table sets forth the standardized measure of discounted future net cash flows from projected production of Pengrowth’s crude oil and natural gas reserves at December 31, for the years presented.


(millions of dollars)20132012Future cash inflows$16,455$14,528Future costs- Future production and development costs(10,689)(8,744)- Future income taxes(397)(191)Future net cash flows$5,369$5,593Deduct: 10% annual discount factor(2,417)(2,312)Standardized measure of discounted future net cash flows$2,952$3,281

















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CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE CASH FLOW RELATING TO PROVED OIL AND GAS RESERVES


The following table sets forth the changes in the standardized measure of discounted future net cash flows at December 31, for the years presented.


(millions of dollars)20132012Future discounted net cash flow at beginning of year$3,281$3,044Sales & transfer, net of production costs(746)(738)Net change in sales & transfer prices436(747)Development costs incurred during the period692452Change in future development costs(1,232)(527)Change due to extensions and discoveries778201Change due to revisions (including infill drilling & improved recovery)113113Accretion of discount332332Sales of reserves in place(600)(12)Purchase of reserves in place8845Net change in Income Taxes(55)239Changes in timing of future net cash flow and other(55)79Future discounted net cash flow at end of year$2,952$3,281


Note:


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|1. | The schedules above are calculated using year-end costs, statutory tax rates and proved oil and gas reserves and the average of the commodity prices on the first day of each month for the years ended December 31, 2013 and 2012.  The value of exploration properties and probable reserves, future exploration costs, future changes in oil and gas prices and in production and development costs are excluded.