Pengrowth Energy Trust announces clarification of mutual fund trust status Stock Symbol: (PGF.A / PGF.B) - TSX; (PGH) - NYSE CALGARY, Dec. 2 /PRNewswire-FirstCall/ -- Pengrowth Corporation ("Pengrowth"), administrator of Pengrowth Energy Trust (the "Trust"), announced today that the Trust has received a letter from the Department of Finance Canada that removes any significant risk to the Trust's status as a mutual fund trust and effectively extends until 2007 the deadline by which the Trust must meet the non-resident ownership restrictions of the Income Tax Act (Canada). The finance letter undertakes to recommend an amendment to paragraph 132(7)(a) of the Act in a form typically relied upon by taxpayers, subject to acceptance of the recommendation by the Minister of Finance and Parliament. The Trust also received a letter from Canada Revenue Agency extending the time periods for the transactions contemplated in the Trust's Advance Tax Ruling for the A/B Trust Unit Reclassification. As a result, any changes which may be required to the Trust Indenture can now be considered at the next regularly constituted meeting of Unitholders. PENGROWTH CORPORATION James S. Kinnear, President DATASOURCE: Pengrowth Energy Trust CONTACT: about Pengrowth, please visit our website http://www.pengrowth.com/ or contact: Investor Relations, Calgary, E-mail: , Telephone: (403) 233-0224, Toll Free: 1-800-223-4122, Facsimile: (403) 294-0051; Investor Relations, Toronto, E-mail: , Telephone: (416) 362-1748, Toll Free: 1-888-744-1111, Facsimile: (416) 362-8191

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