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.

A year into the global oil price plummet, and Calgary's boom-and-bust economy is decidedly leaning towards bust.