Pengrowth Energy Corp. has launched a strategic review of options that could include the sale of the company after failing to renegotiate its high debt load amid plunging western Canadian oil prices late last year.

Pengrowth Energy says it has a new agreement to sell producing assets in the Olds-Garrington area of central Alberta for $300 million cash.

Pengrowth Energy Corp. has agreed to sell a property in eastern Alberta for $95 million, which will be used to reduce the company's debt.