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PENGROWTH TRUST UNITS
 
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RESERVES
Based on an independent engineering evaluation conducted by GLJ Petroleum Consultants Ltd. (GLJ) effective December 31,2007 and prepared in accordance with National Instrument 51-101, Pengrowth had proved plus probable reserves of 319.9 mmboe. This represents a 169 percent replacement of production on a proved plus probable basis through the acquisition of 36.7 mmboe, net of dispositions, and additions of 17.4 mmboe resulting from drilling activity, improved recoveries and technical revisions, offset by 31.9 mmboe of production.

Proved producing reserves are estimated at 202.9 mmboe; these reserves represent approximately 84 percent of the total proved reserves of 241.2 mmboe. The total proved reserves account for 75 percent of the proved plus probable reserves. These percentages are the same as, or compare very closely to 2006 at 84 percent and 76 percent, respectively and represent the solid foundation of reserves Pengrowth is built on. In addition, Pengrowth has several future development opportunities that are not currently included in our reserves; these include our oilsands asset at Lindbergh, potential enhanced oil recovery through CO2 injection at our Greater Swan Hills light oil fields and exploration activity in the Puskwa area.

The before tax net present value of Pengrowth’s proved producing reserves, using a ten percent discount factor and GLJ January 1, 2008 pricing, account for 71 percent of the proved plus probable before tax value while the total proved reserves account for 81 percent of the proved plus probable before tax value. Using a 6:1 boe conversion rate for natural gas, approximately 39 percent of Pengrowth’s proved plus probable reserves are light/medium crude oil, seven percent are heavy oil, nine percent are NGLs and 45 percent are natural gas.

Pengrowth is a geographically diversified energy trust with properties located across Canada in the provinces of Alberta, British Columbia, Saskatchewan and offshore Nova Scotia. On a proved plus probable reserve basis, the Alberta, British Columbia, Saskatchewan and offshore Nova Scotia holdings account for 81 percent, four percent, 11 percent and four percent, respectively of reserves reported by GLJ.
Reserves by property Oil and Gas Reserves (mmboe)
Reserves (Proved plus Probable) 2001 - 2007 Compound Annual Growth Rate 6.2%
 
Reserves Summary 2007
Company Interest
GLJ January 1, 2008 forecast prices
  Light and medium crude oil (mmbl) Heavy oil (mmbl) NGLs (mmbl) Natural gas (bcf) Oil equivalent 2007 (mboe) Oil equivalent 2006 (mboe)
Proved producing 73,509 14,682 19,920 568.7 202,898 188,961
Proved developed non producing 482 30 504 23.9 4,997 8,187
Proved undeveloped 18,986 2,194 1,361 64.4 33,275 28,726
Total proved