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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.

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