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BRIEF-Pengrowth delivers Q1 funds flow from operations of $0.05 per share

May 2 Pengrowth Energy Corp

* Pengrowth delivers transformational debt reduction in first quarter driven by asset sales

* Pengrowth energy corp - company delivered q1 funds flow from operations of $0.05 per share

* Pengrowth energy corp - since start of 2017 pengrowth has closed or expects to close $707 million of asset sales

* Pengrowth energy corp - achieved q1 average daily production of 52,957 boe per day

* Pengrowth energy corp - at end of quarter, pengrowth elected to close out its 2017 oil risk management contracts at a cost of $12.7 million

* Pengrowth energy corp - "at this time has no oil risk management contracts in place"

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