Pengrowth Energy Corporation declared its 2016 capital expenditure plans and suspension of its dividend.

Pengrowth's Board of Directors has approved a $60 to $70 million capital budget for 2016, which is expected to generate annual average production of between 59,000 and 61,000 barrels of oil equivalent per day (boe/d).

The 2016 capital budget will focus on maintenance initiatives and does not contemplate a drilling program.

Tags: Pengrowth Energy Corporation