$re = '/\'{%\s*url \'([^\']*)\'%}/m';
$str = '<a class=\'login-password-forget\' tabindex=\'1\' href=\'{% url \'account:pwdreset\'%}>Forgot your password?</a>';
$subst = "'\1'";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php