July 18, 2013
PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE)
("PENN WEST" or the "Company")
announces that effective immediately it is further streamlining and focusing its management structure. Moving forward, our business will have a focus on production delivery led by
, Senior Vice President, Production and asset value enhancement led by
, Senior Vice President, Development. The remaining members of the executive officer team will continue to be
, Executive Vice President and Chief Financial Officer, and
, General Counsel and Senior Vice President, Corporate Services. Three members of the executive team will be leaving the Company.
, President and Chief Executive Officer commented, "This revised organizational model will reduce complexity and provide greater clarity and accountability to the business, allowing us to deliver on our key drivers: to be performance driven, working towards industry leadership in operating excellence and to focus on value creation for our shareholders.
, Executive Vice President, Operations Engineering and Managing Director, Peace River Oil Partnership,
, Senior Vice President, Enhanced Oil Recovery and Cordova Joint Venture, and
, Senior Vice President, Exploration are all outstanding oil and gas professionals and have been important to the leadership of the Company over many years. I would like to thank them for their service and wish them well in the future".
Over the next six to eight weeks the Company will continue to review its operating structure and seek ways to become more focused and more competitive as an enterprise.
SECOND QUARTER CONFERENCE CALL
Penn West will release its second quarter 2013 financial and operating results on
Thursday, August 8, 2013
before North American markets open. The second quarter 2013 management's discussion and analysis and unaudited financial statements will be available on the Company's website and on the SEDAR website under the Company's profile at
A conference call will be held to discuss Penn West's results at
9:00am Mountain Time
11:00am Eastern Time
Thursday, August 8, 2013
To listen to the conference call, please call 647-427-7450 or 1-888-231-8191 (toll-free). This call will be broadcast live on the Internet and may be accessed directly at the following URL:
A digital recording will be available for replay two hours after the call's completion, and will remain available until
August 22, 2013
21:59 Mountain Time
23:59 Eastern Time
). To listen to the replay, please dial 416-849-0833 or 1-855-859-2056 (toll-free) and enter Conference ID 21336235, followed by the pound (#) key.
Penn West shares are listed on the Toronto Stock Exchange under the symbol PWT and on the New York Stock Exchange under the symbol PWE.