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Penn West Exploration Announces Organizational Changes To Streamline Its Management Structure And Second Quarter Conference Call Details

Stocks in this article: PWEPWT

CALGARY, July 18, 2013 /PRNewswire/ - 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 Gregg Gegunde, Senior Vice President, Production and asset value enhancement led by Mark Fitzgerald, Senior Vice President, Development. The remaining members of the executive officer team will continue to be Todd Takeyasu, Executive Vice President and Chief Financial Officer, and Keith Luft, General Counsel and Senior Vice President, Corporate Services. Three members of the executive team will be leaving the Company.

Dave Roberts, 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.

Dave Middleton, Executive Vice President, Operations Engineering and Managing Director, Peace River Oil Partnership, Bob Shepherd, Senior Vice President, Enhanced Oil Recovery and Cordova Joint Venture, and Rob Wollmann, 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 www.sedar.com.

A conference call will be held to discuss Penn West's results at 9:00am Mountain Time ( 11:00am Eastern Time) on 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: http://event.on24.com/r.htm?e=662540&s=1&k=7C51AB755D519A86E91ACDD6834B5428

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.

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