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Penn West Exploration Announces Its Financial Results For The Fourth Quarter Ended December 31, 2012 And 2012 Year-end Reserve Results


                                                 As at December 31
                                      Producing      Non-producing
                                              %                  %
                              2012  2011 change  2012  2011 change

    Gross acres (000s)       5,733 6,144    (7) 2,680 2,980   (10)
    Net acres (000s)         3,841 4,093    (6) 1,896 2,105   (10)
    Average working interest   67%   67%      -   71%   71%      -

                                                                             Year ended
                                      Three months ended December 31        December 31
                                                                   %                  %
    (millions of shares)                  2012       2011     change  2012  2011 change
    Weighted average
                    Basic                478.9      471.1          2 475.6 467.2      2
                    Diluted              478.9      471.2          2 475.8 467.4      2
    Outstanding as at December 31                                    479.3 471.4      2


Our proved reserves continue to reflect a high percentage of developed reserves. Of total proved reserves, 78 percent were developed at December 31, 2012 (2011 - 80 percent). At December 31, 2012, total proved reserves as a percentage of proved plus probable reserves were 66 percent (2011 - 69 percent). In 2012, all of our reserves were evaluated or audited by independent, qualified engineering firms GLJ Petroleum Consultants Ltd. ("GLJ") and Sproule Associates Limited ("SAL"). Approximately 18 percent of total proved plus probable reserves were internally evaluated and then audited by our independent qualified reserve evaluators.

The reserves estimates have been calculated in compliance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Under NI 51-101, proved reserves estimates are defined as having a high degree of certainty with a targeted 90 percent probability in aggregate that actual reserves recovered over time will equal or exceed proved reserve estimates. For proved plus probable reserves under NI 51-101, the targeted probability is an equal (50 percent) likelihood that the actual reserves to be recovered will be equal to or greater than the proved plus probable reserves estimate. The reserves estimates set forth below are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

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