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Penn West Exploration Announces Its Financial Results For The Second Quarter Ended June 30, 2013

This outlook section is included to provide shareholders with information about our expectations as at August 7, 2013 for production and capital expenditures in 2013 and readers are cautioned that the information may not be appropriate for any other purpose. This information constitutes forward-looking information. Readers should note the assumptions, risks and discussion under "Forward-Looking Statements" and are cautioned that numerous factors could potentially impact our capital expenditure levels and production performance for 2013.

Our 2013 exploration and development capital budget remains unchanged at $900 million. It has been determined not to proceed with the previously announced option to increase our 2013 capital budget by $300 million. Our forecast 2013 average production remains unchanged between 135,000 and 145,000 boe per day.

There have been no changes to our guidance from our initial forecast, released on January 9, 2013 with our "2013 Budget" release and filed on SEDAR at

Non-GAAP Measures Advisory

This news release includes non-GAAP measures not defined under International Financial Reporting Standards ("IFRS") including funds flow, funds flow per share-basic, funds flow per share-diluted and netback. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Funds flow is cash flow from operating activities before changes in non-cash working capital and decommissioning expenditures. Funds flow is used to assess our ability to fund dividends and planned capital programs. See "Calculation of Funds Flow" below. Netback is a per-unit-of-production measure of operating margin used in capital allocation decisions, to economically rank projects and is the per unit of production amount of revenue less royalties, operating costs, transportation and realized risk management gains and losses.

    Calculation of Funds Flow

    (millions, except per            Three months ended       Six months ended
    share amounts)                              June 30                June 30
                                       2013        2012         2013      2012
    Cash flow from operating
    activities                      $   199     $   280       $  455    $  514
    Change in non-cash working
    capital                              72        (23)           65        56
    expenditures                          7          15           25        39
    Funds flow                      $   278     $   272       $  545    $  609

    Basic per share                 $  0.57     $  0.57       $ 1.13    $ 1.29
    Diluted per share               $  0.57     $  0.57       $ 1.13    $ 1.29

Oil and Gas Information Advisory

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