PENGROWTH ENERGY $6.70 (Toronto symbol PGF; Shares outstanding: 527.5 million; Market cap: $3.6 billion; TSINetwork Rating: Average; Divd. yield: 7.2%; www.pengrowth.com) plans to build a 15-kilometre pipeline to pump diluted bitumen from its new Lindbergh oil sands project in Alberta. The new line will connect to a larger one operated by Husky Energy.
The company will spend $20 million on this pipeline, which will make it easier for Pengrowth to sell Lindbergh’s oil to customers in Canada and the U.S. when the project starts up next year.
Lindbergh will add 12,500 barrels to Pengrowth’s overall daily production, which totalled 73,823 barrels in the latest quarter.
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