May 2, 2013
PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE)
is pleased to announce its results for the first quarter ended
March 31, 2013
. All figures are in Canadian dollars unless otherwise stated.
BOARD OF DIRECTORS
The Board of Directors of Penn West (the "Board") has commenced a renewal process. Effective
May 1, 2013
, a Director of Penn West since 2008, assumed the position of Chairman of the Board. Mr. Schanck has over 37 years of direct oil and natural gas industry experience in both
and the U.S. including President of Unocol Canada, President of Spirit Energy (the upstream domestic operation of Unocol Oil and Gas) and Co-CEO of Samson Investment Company. Mr. Schanck's extensive experience in domestic and international exploration, management, business strategy and directorship in various organizations is a continuing benefit to the Board.
Penn West's former Chairman, Mr.
, stepped down from the Board effective
May 1, 2013
. Mr. Brussa joined the Board in 1995 and was named Chairman in 2005. During Mr. Brussa's tenure, Penn West grew from a junior oil and natural gas producer to one of
largest energy producers. Mr. Brussa possesses a unique business acumen and insight which has been instrumental in the progression of the company. The Board and Management of Penn West thank Mr. Brussa for his extensive contributions over the past 18 years.
With the potential of Penn West's resource base well established, from the fourth quarter of 2012 forward the company has focused on maximizing the efficiency of our programs and the reliability of our production base while continuing to improve the balance sheet. These objectives are key to demonstrating the profitability and the intrinsic value inherent in Penn West.