The company said the Lindbergh project is expected to produce 12,500 barrels of bitumen per day when fully operational in the second quarter of 2015.
The first phase of the project is expected to cost about $590 million, including $300 million budgeted for 2013.
The plan includes an additional $150 million to speed up the development of the project.
Pengrowth said its 2013 capital plan would be funded from cash flow and the sale of non-core assets including a deal announced in December to sell the company's stake in a Weyburn, Sask., property for $315 million.
In its outlook for the year, Pengrowth said it expected average daily production volumes of between 85,000 and 87,000 barrels of oil equivalent per day, before the impact of any asset sales beyond the Weyburn deal.
The production is expected to include about 28,300 barrels per day of light oil, 7,400 bpd of heavy oil, 9,800 bpd of natural gas liquids and 243 million cubic feet per day of natural gas.