This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Penn West Announces Appointment Of New President And Chief Executive Officer, Operational Improvement And Capital Efficiencies Drive, Initiation Of Corporate Strategic Review And A Change To Its Dividend Policy

Appointment of new President and Chief Executive Officer

CALGARY, June 4, 2013 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("PENN WEST" or "the Company") announced today that Murray Nunns, President and Chief Executive Officer, has informed the Board of Directors of his intention to retire from Penn West effective July 1, 2013 after serving the Company for more than 8 years.

"Mr. Nunns has made a significant contribution to Penn West since he joined Penn West's Board in 2005," said Rick George, Chairman of the Board. "The Board would like to thank Murray for his contributions to the Company both as a Board member and most recently as the President and Chief Executive Officer.  He has had a distinguished career lasting more than 30 years in the oil and gas industry and we wish him well in his retirement."  Concurrent with his departure, Mr. Nunns will also be resigning from the Board of Directors of Penn West.

David Roberts, former Executive Vice President and Chief Operating Officer of Marathon Oil Corporation, has agreed to terms of employment and will begin his new role as President and Chief Executive Officer commencing June 19, 2013.  Dave brings more than 30 years of operational experience in the upstream oil and gas business and his knowledge and successes on such a very large scale make him a welcome addition to the senior management team at Penn West.  The Board intends to appoint Mr. Roberts to the Board on commencement of his employment.

Mr. Roberts also served as Marathon's Executive Vice President Upstream for a number of years after joining Marathon in 2006 as Senior Vice President Business Development. He previously served as Executive Vice President/Managing Director for BG Group plc with responsibility for Asia and the Middle East. Prior to joining BG Group, he served as advisor to the Vice Chairman of ChevronTexaco Corporation from 2001 to 2003, where he provided strategic and operational advice to executive management regarding the company's upstream operations.  Dave built his early skills with Texaco, where he held a number of key operational and strategic planning roles over an 18 year period.

"Dave brings a unique blend of operating field experience, strategic thinking at a very high level as well as knowledge of critical new industry technology.  The entire Board is looking forward to working with Dave to drive Penn West forward," said George.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,440.59 -127.94 -0.73%
S&P 500 2,067.64 -12.01 -0.58%
NASDAQ 5,039.7760 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs