----

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |
|                             |   |   |
|  (millions of dollars)      | 2014 |  | 2013 |  |
|  Property acquisition costs |   |   |
|   - Proved             | $ | 17.0 |  | $ | 16.0 |  |
|   - Unproved           | — |  | — |  |
|  Exploration costs          | 130.1 |  | 4.6 |  |
|  Development costs          | 980.5 |  | 438.9 |  |
|  Injectants costs           | 6.7 |  | 6.7 |  |
|                             | $ | 1,134.3 |  | $ | 466.2 |  |
|                             |   |   |

----

|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |  |  |  |  |  |
|                                                                                                             |   |   |
|  (millions of dollars)                                                                                      | 2014 |  | 2013 |  |
|  Oil and natural gas assets                                                                                 | $ | 4,772.2 |  | $ | 4,802.3 |  |
|  Add: Exploration and evaluation assets                                                                     | 490.1 |  | 419.3 |  |
|                                                                                                             | $ | 5,262.3 |  | $ | 5,221.6 |  |
|                                                                                                             |   |   |
|                                                                                                             |   |   |
|  Unproved oil and gas properties                                                                            |   |   |
|          Unproven properties included in oil and natural gas assets | $ | 1,408.3 |  | $ | 1,123.2 |  |
|          Exploration and evaluation assets                          | 490.1 |  | 419.3 |  |
|                                                                                                             | $ | 1,898.4 |  | $ | 1,542.5 |  |
|                                                                                                             |   |   |
|                                                                                                             |   |   |
|  Proven oil & gas properties                                                                            | 3,363.9 |  | 3,679.1 |  |
|  Total capitalized costs                                                                                    | $ | 5,262.3 |  | $ | 5,221.6 |  |
|                                                                                                             |   |   |

----

|                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Proved Developed and Undeveloped Reserves After Royalties                                                                                                                                                                                                                                               | Crude Oil |  |   | Bitumen |  |   | NGLs |  |   | Natural Gas |  |   |
|                                                                                                                                                                                                                                                                                                        | MMbbls |  |   | MMbbls |  |   | MMbbls |  |   | Bcf |  |   |
|                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| End of year 2012                                                                                                                                                                                                                                                                                            | 108.7 |  |   | 11.8 |  |   | 18.0 |  |   | 510.2 |  |   |
| Revisions of previous estimates (including infill drilling & improved recovery)                                                                                                                                                                                                                         | 4.6 |  |   | (0.1 | ) |   | 2.9 |  |   | 107.8 |  | a  |
| Purchase of reserves in place                                                                                                                                                                                                                                                                               | 0.3 |  |   | — |  |   | 0.1 |  |   | 1.3 |  |   |
| Sale of reserves in place                                                                                                                                                                                                                                                                                   | (28.7 | ) | b  | — |  |   | (1.3 | ) |   | (60.4 | ) | b  |
| Discoveries and extensions                                                                                                                                                                                                                                                                                  | 2.8 |  |   | 58.1 |  | c  | 0.5 |  |   | 8.3 |  |   |
| Production                                                                                                                                                                                                                                                                                                  | (9.8 | ) |   | (0.6 | ) |   | (2.8 | ) |   | (72.2 | ) |   |
|                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| End of Year 2013                                                                                                                                                                                                                                                                                            | 77.9 |  |   | 69.2 |  |   | 17.4 |  |   | 495.0 |  |   |
| Revisions of previous estimates (including infill drilling & improved recovery)                                                                                                                                                                                                                         | 0.4 |  |   | (3.2 | ) |   | 2.9 |  |   | 66.9 |  | d  |
| Purchase of reserves in place                                                                                                                                                                                                                                                                               | 0.5 |  |   | — |  |   | 0.1 |  |   | 0.8 |  |   |
| Sale of reserves in place                                                                                                                                                                                                                                                                                   | (3.0 | ) |   | — |  |   | (0.1 | ) |   | (2.1 | ) |   |
| Discoveries and extensions                                                                                                                                                                                                                                                                                  | 1.9 |  |   | 16.7 |  | e  | 0.3 |  |   | 26.7 |  | f  |
| Production                                                                                                                                                                                                                                                                                                  | (8.2 | ) |   | (0.6 | ) |   | (2.8 | ) |   | (62.0 | ) |   |
|                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| End of Year 2014                                                                                                                                                                                                                                                                                            | 69.5 |  |   | 82.1 |  |   | 17.8 |  |   | 525.3 |  |   |
|                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| Notes Re Significant Changes:                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| (a) Primarily due to the higher constant gas price used for reserve evaluation at December 31, 2013.                                                                                                                                                                                                        |
| (b) Due to our non-core asset disposition program as described more fully under “Acquisitions and Divestitures” on page 20 of Exhibit 99.1, Pengrowth’s Annual Information Form, to our Form 40-F dated February 28, 2014.                                                                |
| (c) Entirely due to ongoing work at our Lindbergh oil sands development as described more fully under “Lindbergh Oil Sands Reserves and Contingent Resources” on pages 23 and 24 of Exhibit 99.1, Pengrowth’s Annual Information Form, to our Form 40-F dated February 28, 2014.     |
| (d) Primarily due to the higher constant gas price used for reserve evaluation at December 31, 2014.                                                                                                                                                                                                        |
| (e) Entirely due to ongoing work at our Lindbergh oil sands development as described more fully under “Lindbergh Oil Sands Reserves and Contingent Resources” on pages 23, 24 and 25 of Exhibit 99.1, Pengrowth’s Annual Information Form, to our Form 40-F dated February 26, 2015. |
| (f) Primarily due to the delineation and drilling in Groundbirch as described more fully under "Groundbirch Reserves and Contingent Resources" on pages 25, 26 and 27 of Exhibit 99.1, Pengrowth’s Annual Information Form, to our Form 40-F dated February 26, 2015.                                 |
|                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| Net Proved Developed and Undeveloped Reserves After Royalties                                                                                                                                                                                                                                               | Crude Oil |  |   | Bitumen |  |   | NGLs |  |   | Natural Gas |  |   |
|                                                                                                                                                                                                                                                                                                        | MMbbls |  |   | MMbbls |  |   | MMbbls |  |   | Bcf |  |   |
| Net Proved Developed Reserves After Royalty                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |
| End of year 2012                                                                                                                                                                                                                                                                                            | 86.9 |  |   | 1.6 |  |   | 16.8 |  |   | 463.1 |  |   |
| End of year 2013                                                                                                                                                                                                                                                                                            | 60.7 |  |   | 1.2 |  |   | 16.4 |  |   | 430.7 |  |   |
| End of year 2014                                                                                                                                                                                                                                                                                            | 54.1 |  |   | 21.6 |  |   | 17.0 |  |   | 447.9 |  |   |
|                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
| Net Proved Undeveloped Reserves After Royalty                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| End of year 2012                                                                                                                                                                                                                                                                                            | 21.8 |  |   | 10.2 |  |   | 1.2 |  |   | 47.1 |  |   |
| End of year 2013                                                                                                                                                                                                                                                                                            | 17.2 |  |   | 68.0 |  |   | 1.0 |  |   | 64.3 |  |   |
| End of year 2014                                                                                                                                                                                                                                                                                            | 15.4 |  |   | 60.5 |  |   | 0.8 |  |   | 77.4 |  |   |

----

|    |                                                                                                                                                                                                                                                                                                                                                                                         |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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. |

|    |                                                                                                                                                                                                                                                                                                                                                                                               |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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, 2014 and 2013. |

|    |                                                                                                                                                                                                                                                                                                  |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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. |

|    |                                                                                                                                                                                                                                                                                                                |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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. |

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |
|  (millions of dollars)                                    | 2014 |  | 2013 |  |
|                                                           |   |   |
|  Future cash inflows                                      | $ | 19,332 |  | $ | 16,455 |  |
|  Future costs                                             |   |   |
|   - Future production costs                          | (10,087 | ) | (8,921 | ) |
|   - Future developments costs                        | (1,662 | ) | (1,768 | ) |
|   - Future income taxes                              | (874 | ) | (397 | ) |
|  Future net cash flows                                    | $ | 6,709 |  | $ | 5,369 |  |
|  Deduct: 10% annual discount factor                       | (2,992 | ) | (2,417 | ) |
|  Standardized measure of discounted future net cash flows | $ | 3,717 |  | $ | 2,952 |  |
|                                                           |   |   |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |
| (millions of dollars)                                                       | 2014 |  | 2013 |  |
|                                                                        |   |   |
| Future discounted net cash flow at beginning of year                        | $ | 2,952 |  | $ | 3,281 |  |
|                                                                        |   |   |
| Sales & transfer, net of production costs                               | (680 | ) | (746 | ) |
| Net change in sales & transfer prices                                   | 901 |  | 436 |  |
| Development costs incurred during the period                                | 777 |  | 692 |  |
| Change in future development costs                                          | (479 | ) | (1,232 | ) |
| Change due to extensions and discoveries                                    | 360 |  | 778 |  |
| Change due to revisions (including infill drilling & improved recovery) | (4 | ) | 113 |  |
| Accretion of discount                                                       | 305 |  | 332 |  |
| Sales of reserves in place                                                  | (42 | ) | (600 | ) |
| Purchase of reserves in place                                               | 11 |  | 8 |  |
| Net change in income taxes                                                  | (152 | ) | (55 | ) |
| Changes in timing of future net cash flow and other                         | (232 | ) | (55 | ) |
| Future discounted net cash flow at end of year                              | $ | 3,717 |  | $ | 2,952 |  |
|                                                                        |   |   |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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, 2014 and 2013.  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. |

----

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | Development |   | Exploration |   | Total |
| Wells              | Gross |  | Net |  |   | Gross |  | Net |  |   | Gross |  | Net |  |
| Natural Gas        | 8 |  | 5.2 |  |   | — |  | — |  |   | 8 |  | 5.2 |  |
| Crude Oil          | 92 |  | 56.8 |  |   | 2 |  | 0.5 |  |   | 94 |  | 57.3 |  |
| Bitumen            | 13 |  | 13.0 |  |   | — |  | — |  |   | 13 |  | 13.0 |  |
| Service            | 30 |  | 29.8 |  |   | — |  | — |  |   | 30 |  | 29.8 |  |
| Stratigraphic Test | 39 |  | 39.0 |  |   | — |  | — |  |   | 39 |  | 39.0 |  |
| Dry                | 1 |  | 0.8 |  |   | — |  | — |  |   | 1 |  | 0.8 |  |
| Total              | 183 |  | 144.6 |  |   | 2 |  | 0.5 |  |   | 185 |  | 145.1 |  |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | Development |   | Exploration |   | Total |
| Wells              | Gross |  | Net |  |   | Gross |  | Net |  |   | Gross |  | Net |  |
| Natural Gas        | 6 |  | 3.3 |  |   | — |  | — |  |   | 6 |  | 3.3 |  |
| Crude Oil          | 119 |  | 70.1 |  |   | 2 |  | 0.3 |  |   | 121 |  | 70.4 |  |
| Bitumen            | 7 |  | 7.0 |  |   | — |  | — |  |   | 7 |  | 7.0 |  |
| Service            | 18 |  | 12.4 |  |   | — |  | — |  |   | 18 |  | 12.4 |  |
| Stratigraphic Test | 20 |  | 19.5 |  |   | — |  | — |  |   | 20 |  | 19.5 |  |
| Dry                | 3 |  | 2.8 |  |   | — |  | — |  |   | 3 |  | 2.8 |  |
| Total              | 173 |  | 115.1 |  |   | 2 |  | 0.3 |  |   | 175 |  | 115.4 |  |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | Development |   | Exploration |   | Total |
| Wells              | Gross |  | Net |  |   | Gross |  | Net |  |   | Gross |  | Net |  |
| Natural Gas        | 12 |  | 9.6 |  |   | 1 |  | — |  |   | 13 |  | 9.6 |  |
| Crude Oil          | 114 |  | 48.9 |  |   | 4 |  | 2.3 |  |   | 118 |  | 51.2 |  |
| Bitumen            | — |  | — |  |   | — |  | — |  |   | — |  | — |  |
| Service            | 24 |  | 7.1 |  |   | — |  | — |  |   | 24 |  | 7.1 |  |
| Stratigraphic Test | 22 |  | 22.0 |  |   | 1 |  | 1.0 |  |   | 23 |  | 23.0 |  |
| Dry                | 1 |  | 1.0 |  |   | 4 |  | 1.4 |  |   | 5 |  | 2.4 |  |
| Total              | 173 |  | 88.6 |  |   | 10 |  | 4.7 |  |   | 183 |  | 93.3 |  |

----

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   |   |   |   |   |
|              | Producing |   | Non-Producing |   | Total |
|              | Gross |  | Net |  |   | Gross |  | Net |  |   | Gross |  | Net |  |
| Crude Oil Wells   |   |   |   |   |   |   |   |   |
| Alberta           | 2,148 |  | 1,324 |  |   | 1,140 |  | 618 |  |   | 3,288 |  | 1,942 |  |
| British Columbia  | 83 |  | 52 |  |   | 176 |  | 110 |  |   | 259 |  | 162 |  |
| Saskatchewan      | 161 |  | 64 |  |   | 209 |  | 155 |  |   | 370 |  | 219 |  |
| Bitumen Wells     |   |   |   |   |   |   |   |   |
| Alberta           | 2 |  | 2 |  |   | 20 |  | 20 |  |   | 22 |  | 22 |  |
| Natural Gas Wells |   |   |   |   |   |   |   |   |
| Alberta           | 4,948 |  | 2,467 |  |   | 1,016 |  | 587 |  |   | 5,964 |  | 3,054 |  |
| British Columbia  | 173 |  | 106 |  |   | 198 |  | 108 |  |   | 371 |  | 214 |  |
| Saskatchewan      | 32 |  | 30 |  |   | 35 |  | 25 |  |   | 67 |  | 55 |  |
| Nova Scotia       | 17 |  | 2 |  |   | 2 |  | — |  |   | 19 |  | 2 |  |
| Other             |   |   |   |   |   |   |   |   |
| Alberta           | — |  | — |  |   | 590 |  | 360 |  |   | 590 |  | 360 |  |
| British Columbia  | — |  | — |  |   | 158 |  | 104 |  |   | 158 |  | 104 |  |
| Saskatchewan      | — |  | — |  |   | 105 |  | 53 |  |   | 105 |  | 53 |  |
| Total             | 7,564 |  | 4,047 |  |   | 3,649 |  | 2,140 |  |   | 11,213 |  | 6,187 |  |