Penn West Announces the Results of its Board Strategic Review Process

Penn West Announces the Results of its Board Strategic Review Process

Long-Term Plan, $485 Million in Non-Core Asset Divestitures and 2014 Capital and Production Guidance

PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) (“Penn West”, “our” or the “Company”) is pleased to announce the results of its strategic review process and details of its long-term plan, an update on asset dispositions as well as 2014 capital and production guidance.

Commenting on today’s announcements, Dave Roberts, President and CEO stated: “Following a process that began less than five months ago, the Board of Directors (the “Board”) and senior management of Penn West have developed a long-term plan for a stronger and more vibrant company with the goal of becoming Canada’s leading conventional liquids producer. We have refocused our culture on competitive performance and our spending programs to take full advantage of our strong resource positions in Western Canada. We will be driven by performance criteria aimed at focused oil production growth translating into improved funds flow generation and shareholder value. As we have been evaluating our options and planning for our future through the strategic review process, we have also been actively taking steps to demonstrate our commitment toward improvement. We have cut costs, improved capital performance, demonstrated our focus on value added production and begun the process of rationalizing our asset base. While today marks the end of our Board strategic review process, the new Penn West has already taken many bold steps necessary to achieve our multi-year plan to enhance Penn West’s value for our shareholders.”

Source: Penn West

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