Penn West Exploration Announces its Financial Results for the Second Quarter Ended June 30, 2013
CALGARY, Alberta, August 8, 2013 /PRNewswire/ --
PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("PENN WEST" or the "COMPANY") is pleased to announce its results for the second quarter ended June 30, 2013. All figures are in Canadian dollars unless otherwise stated.
Three months ended June
30 Six months ended June 30
% %
2013 2012 change 2013 2012 change
Financial
(millions, except
per share amounts)
Gross revenues (1) $ 745 $ 774 (4) $ 1,449 $ 1,644 (12)
Funds flow (2) 278 272 2 545 609 (11)
Basic per
share (2) 0.57 0.57 - 1.13 1.29 (12)
Diluted per
share (2) 0.57 0.57 - 1.13 1.29 (12)
Net income (loss) (40) 235 (100) (137) 294 (100)
Basic per
share (0.08) 0.50 (100) (0.28) 0.62 (100)
Diluted per
share (0.08) 0.50 (100) (0.28) 0.62 (100)
Exploration and
development capital
(3) 112 329 (66) 539 989 (46)
Debt at period-end $ 3,125 $ 3,691 (15) $ 3,125 $ 3,691 (15)
Dividends
(millions)
Dividends paid (4) $ 130 $ 128 2 $ 259 $ 255 2
DRIP (26) (29) (10) (54) (56) (4)
Dividends paid in
cash $ 104 $ 99 5 $ 205 $ 199 3
Operations
Daily production
(average)
Light oil and
NGL (bbls/d) 72,493 87,536 (17) 72,708 88,282 (18)
Heavy oil
(bbls/d) 15,653 17,222 (9) 15,987 17,696 (10)
Natural gas
(mmcf/d) 312 351 (11) 316 356 (11)
Total production
(boe/d) (5) 140,083 163,181 (14) 141,436 165,301 (14)
Average sales price
Light oil and
NGL (per bbl) $ 82.65 $ 75.20 10 $ 81.44 $ 79.72 2
Heavy oil (per
bbl) 67.10 61.36 9 58.81 67.17 (12)
Natural gas
(per mcf) $ 3.70 $ 1.98 87 $ 3.44 $ 2.14 61
Netback per boe
Sales price $ 58.49 $ 51.06 15 $ 56.20 $ 54.37 3
Risk
management
gain (loss) (0.07) 0.29 (100) 0.26 (0.49) 100
Net sales
price 58.42 51.35 14 56.46 53.88 5
Royalties (10.32) (9.84) 5 (9.81) (10.22) (4)
Operating
expenses (16.83) (17.16) (2) (16.86) (17.55) (4)
Transportation (0.59) (0.51) 16 (0.59) (0.50) 18
Netback (2) $ 30.68 $ 23.84 29 $ 29.20 $ 25.61 14
ess otherwise stated.
Gross revenues include realized gains and losses on commodity
(1) contracts.
The terms "funds flow", "funds flow per share-basic", "funds flow per
share-diluted" and "netback" are non-GAAP measures. Please refer to
the "Calculation of Funds Flow" and "Non-GAAP Measures Advisory"
(2) sections below.
(3) Includes capital carried by partners.
Includes dividends paid prior to amounts reinvested in shares under
(4) the dividend reinvestment plan.
Please refer to the "Oil and Gas Information Advisory" section below
(5) for information regarding the term "boe".
PRESIDENT'S MESSAGE
Dave Roberts, President and Chief Executive Officer, commented, "In the second quarter, Penn West continued to deliver operating results in line with expectations as we focused on reliable and repeatable performance from our asset base. Total production for the quarter averaged 140,083 boe per day with 63 percent being liquids. Funds flow of $278 million for the second quarter of 2013 was higher than the prior year due to narrowing WTI to Edmonton light sweet oil pricing differentials, which more than offset lower production as a result of asset dispositions closed in late 2012. Based on our performance to date, we can reiterate our expected production guidance for the year to deliver an annualized 135,000 to 145,000 boe per day in 2013. Capital expenditures for the year are expected at $900 million."
"In addition to the strategic review of the Company being progressed by the Special Committee of the Board, we are actively streamlining and focusing our management and operating structure. To date in 2013, the Company has reduced its workforce by over 10 percent of full time equivalents including a realignment of responsibilities and significant reduction of personnel, including at the executive and management level. Further steps to improve our focus, accountability and cost model to allow us to achieve our goal to deliver best in class operating performance and shareholder returns are expected in the present quarter."
SECOND QUARTER KEY POINTS
- Total average production of 140,083 boe per day (63 percent liquids).
- Funds flow up as commodity price gains and cost reductions offset asset sales.
- Staff reduction target of 10 percent on the year, achieved prior to the end of the quarter.
- 2013 annual average production target re-confirmed between 135,000 and 145,000 boe per day.
- 2013 capital re-confirmed at $900 million.
OPERATIONAL HIGHLIGHTS
Second quarter 2013 production was ahead of plan as we reduced our cycle times from the start of drilling wells to on production. This continued to result in new production coming on-stream ahead of plans and downward trending costs. For the first six months of 2013, average production was 141,436 boe per day, in-line with our expectations and our annual average production guidance. Production for the second quarter of 2013 and year-to-date in 2013 was lower than the corresponding periods of 2012 due to the asset dispositions completed in the fourth quarter of 2012.
During the second quarter of 2013, exploration and development capital expenditures totalled $112 million (2012 - $329 million). Second quarter development activities were focused on completion and tie-in work from our winter drilling program, notably in the Viking and Spearfish plays. For the first six months of 2013, exploration and development capital expenditures totalled $539 million (2012 - $989 million).
We remain on target to meet our capital guidance for 2013. The incremental capital wedge of $300 million previously contemplated by the Company will not be invested in 2013.
FINANCIAL HIGHLIGHTS
Funds flow for the second quarter of 2013 was $278 million ($0.57 per share - basic) and ahead of budget due to stronger crude oil prices and narrower WTI to Edmonton light-oil differentials. This compared to $267 million ($0.55 per share - basic) in the first quarter of 2013 with both quarters including the effect of the late 2012 asset dispositions.
In the second quarter of 2013, we recorded a loss of $40 million ($0.08 per share - basic) primarily due to unrealized foreign exchange losses on our U.S. denominated debt, as a result of the weakening of the Canadian dollar relative to the US dollar.
For the second half of 2013, we currently have 55,000 barrels per day of crude oil production hedged between US$91.55 and US$104.42 per barrel and approximately 175,000 mcf per day of natural gas production hedged at $3.43 per mcf.
For the first six months of 2014, we have 26,000 barrels per day of crude oil production hedged, with 20,000 barrels per day swapped at an average price of US$93.74 per barrel and 6,000 barrels per day collared between US$92.00 and US$98.67 per barrel. Additionally, we have 2014 natural gas production hedged with 90,000 mcf per day swapped at $3.90 per mcf and 50,000 mcf per day collared between $3.41 per mcf and $4.17 per mcf.
PLAY UPDATE
Cardium
In the first half of 2013, we completed a selective drilling program in the Cardium focusing on program capital efficiencies and advancement of slick water fracture stimulation techniques. In the Alder Flats area, drilling and completion costs in the first half of 2013 improved by more than 30 percent from 2012. Based upon these results and extensive study by our teams, we are confident that comparable savings can be repeated in the Willesden Green and Lodgepole areas of the Cardium. The Cardium represents an opportunity to create repeatable and sustainable value creative investment programs and we will be reallocating $40 million of capital to the play in the second half of 2013. As a result of this shift, we anticipate drilling 14 additional wells. We expect that a continuous, even flow drilling approach will allow us to further improve our performance in the future.
Viking
The results of our drilling program in early 2013 remain encouraging and we have achieved significant improvements in well performance and cost. Drilling cost and cycle times of our program are competitive with other industry players. Our completion costs in the Viking trend higher than most of our competitors due to our use of nitrogen in our completion technique, however, first year well productivity is more than 25 percent higher than those of our competitors, more than justifying the additional cost. We believe further cost improvements are possible with pad drilling, continued refinement of our completion techniques and continuous improvement in our drilling performance. Based upon our results to date in the first half of 2013, we will reallocate $47 million to this opportunity in the second half with the expectation of drilling and completing 32 new wells. In addition, we are evaluating down spacing in the core of the play for 2014 drilling and are pursuing the implementation of waterflood schemes to increase the recoveries and value from this play.
Spearfish
In the first half of 2013, we allocated significant capital to the Spearfish due to its strong capital efficiencies and the production infrastructure in place. During the second quarter of 2013, activity was concentrated on tie-ins and completions of the winter drilling program and our liquids extraction plant became operational, providing incremental natural gas liquids production.
While there are a significant number of further primary locations to pursue in the play, we are shifting our activities to the assessment of waterflood schemes and other pressure maintenance opportunities to increase recoveries from the current estimate of approximately two percent. Capital previously planned for the Spearfish is being directed to the Cardium and Viking as we continue to study the results of our recent aggressive three-year drilling program.
Carbonates
Our results in the first half of 2013 have met or exceeded our expectations for cost and cycle time reductions as well as production performance. Well costs have declined 30 percent with the 2013 program and, for the remainder of 2013; our focus is on the initiation of a waterflood pilot in the Otter area and preparation of integrated development programs across the Slave Point play for 2014 and beyond.
Secondary Recovery
We remain confident in the potential to increase recoveries and create incremental value from the application of waterflood and other enhanced oil recovery schemes. Significant reservoir simulation work across all of our major plays has been completed with encouraging results. Over the balance of 2013 and into 2014, we will be implementing or expanding waterfloods in the Cardium and Slave Point, and will be evaluating waterflood application to the Viking and Spearfish. As we focus on enhancing value and capital returns by increasing resource recoveries, we expect a higher portion of our future capital programs will include upfront waterflood investments.
DIVIDENDS
DRILLING STATISTICS
Three months ended June 30 Six months ended June 30
2013 2012 2013 2012
Gross Net Gross Net Gross Net Gross Net
Oil 12 1 19 12 156 119 207 163
Natural gas - - - - 1 1 20 17
12 1 19 12 157 120 227 180
Stratigraphic
and service - - 2 1 33 16 52 28
Total 12 1 21 13 190 136 279 208
Success rate
(1) 100% 100% 100% 100%
(1) Success rate is calculated excluding stratigraphic and service wells.
CAPITAL
EXPENDITURES
(millions) Three months ended June 30 Six months ended June 30
2013 2012 2013 2012
Land
acquisition
and retention $ 2 $ 27 $ 3 $ 35
Drilling and
completions 70 179 391 676
Facilities
and well
equipping 65 138 194 337
Geological
and
geophysical - 2 9 10
Corporate 2 3 5 11
Capital
carried by
partners (27) (20) (63) (80)
Exploration
and
development
capital (1) 112 329 539 989
Property
dispositions,
net (29) (19) (38) (341)
Total
expenditures $ 83 $ 310 $ 501 $ 648
ome tax purposes.
Exploration and development capital includes costs related to
Property, Plant and Equipment and Exploration and Evaluation
(1) activities.
LAND
As at June 30
Producing Non-producing
% %
2013 2012 change 2013 2012 change
Gross acres
(000s) 5,244 5,974 (12) 3,011 2,859 5
Net acres (000s) 3,558 4,028 (12) 2,061 2,130 (3)
Average working
interest 68% 67% 1 69% 75% (6)
from our winter drilling program in early 2013.
COMMON SHARE
DATA
Three months ended June 30 Six months ended June 30
(millions of % %
shares) 2013 2012 change 2013 2012 change
Weighted
average
Basic 484.6 474.3 2 483.2 473.5 2
Diluted 484.6 474.4 2 483.2 473.6 2
Outstanding
as at June 30 485.0 474.6 2
Outlook
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 http://www.sedar.com.
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
Decommissioning
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
Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value.
Forward-Looking Statements
Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "objective", "aim", "potential", "target" and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: under "President's Message", "Second Quarter Key Points" and "Outlook", our 2013 exploration and development capital budget of $900 million, and our forecast 2013 average production of between 135,000 and 145,000 boe per day; under "President's Message", our intention to progress a strategic review of the Company, our intention to actively streamline and focus our management and operating structure, and our belief that further steps to improve our focus, accountability and cost model to allow us to achieve our goal to deliver best in class operating performance and shareholder returns are expected in the present quarter; under "Play Update - Cardium", our belief that savings comparable to those achieved at Alder Flats can be repeated in the Willesden Green and Lodgepole areas, our belief that the Cardium represents an opportunity to create repeatable and sustainable value creative investment programs, our intention to reallocate $40 million of capital to the play in the second half of 2013 and drill 14 additional wells, and our expectation that a continuous, even flow drilling approach will allow us to further improve our performance in the future; under "Play Update - Viking", our belief that further cost improvements are possible with pad drilling, continued refinement of our completion techniques and continuous improvement in our drilling performance, our intention to reallocate $47 million to this play in the second half with the expectation of drilling and completing 32 new wells, and our intention to evaluate down spacing in the core of the play for 2014 drilling and pursue the implementation of waterflood schemes to increase the recoveries and value from this play; under "Play Update - Spearfish", our belief that there are a significant number of further primary locations to pursue in the play, our intention to shift our activities to the assessment of waterflood schemes and other pressure maintenance opportunities to increase recoveries from the current estimate of approximately two percent, and our plan that capital previously planned for the area will be directed to the Cardium and Viking as we continue to study the results of our recent aggressive three-year drilling program in the Spearfish area; under "Play Update - Carbonates", our intention that for the remainder of 2013 our focus will be on the initiation of a waterflood pilot in the Otter area and preparation of integrated development programs across the Slave Point play for 2014 and beyond; and under "Play Update - Secondary Recovery", our confidence in the potential to increase recoveries and create incremental value from the application of waterflood and other enhanced oil recovery schemes, our plan that over the balance of 2013 and into 2014 we will implement or expand waterfloods in the Cardium and Slave Point, and will evaluate waterflood application to the Viking and Spearfish, and our expectation that as we focus on enhancing value and capital returns by increasing resource recoveries, a higher portion of our future capital programs will include upfront waterflood investments.
With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things: future crude oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, WTI and world oil prices; future capital expenditure levels; future crude oil, natural gas liquids and natural gas production levels; drilling results; future exchange rates and interest rates; the amount of future cash dividends that we intend to pay and the level of participation in our dividend reinvestment plan; our ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; our ability to market our oil and natural gas successfully to current and new customers; our ability to obtain financing on acceptable terms, including our ability to renew or replace our credit facility and our ability to finance the repayment of our senior unsecured notes on maturity; and our ability to add production and reserves through our development and exploitation activities. In addition, many of the forward-looking statements contained in this document are located proximate to assumptions that are specific to those forward-looking statements, and such assumptions should be taken into account when reading such forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the impact of weather conditions on seasonal demand and ability to execute capital programs; risks inherent in oil and natural gas operations; uncertainties associated with estimating reserves and resources; competition for, among other things, capital, acquisitions of reserves, resources, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; geological, technical, drilling and processing problems; general economic and political conditions in Canada, the U.S. and globally; industry conditions, including fluctuations in the price of oil and natural gas, price differentials for crude oil produced in Canada as compared to other markets, and transportation restrictions; royalties payable in respect of our oil and natural gas production and changes to government royalty frameworks; changes in government regulation of the oil and natural gas industry, including environmental regulation; fluctuations in foreign exchange or interest rates; unanticipated operating events or environmental events that can reduce production or cause production to be shut-in or delayed, including wild fires and flooding; failure to obtain regulatory, industry partner and other third-party consents and approvals when required, including for acquisitions, dispositions and mergers; failure to realize the anticipated benefits of dispositions, acquisitions, joint ventures and partnerships; changes in tax and other laws that affect us and our securityholders; ; the potential failure of counterparties to honour their contractual obligations; and the other factors described in our public filings (including our Annual Information Form) available in Canada at http://www.sedar.com and in the United States at http://www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Penn West Petroleum Ltd.
Consolidated Balance Sheets
(CAD millions, unaudited) June 30, 2013 December 31, 2012
Assets
Current
Accounts receivable $ 368 $ 364
Other 64 79
Deferred funding
assets 118 187
Risk management 35 76
585 706
Non-current
Deferred funding
assets 250 238
Exploration and
evaluation assets 669 609
Property, plant and
equipment 10,869 10,892
Goodwill 2,020 2,020
Risk management 56 26
13,864 13,785
Total assets $ 14,449 $ 14,491
Liabilities and Shareholders'
Equity
Current
Accounts payable and
accrued liabilities $ 614 $ 764
Dividends payable 131 129
Current portion of
long-term debt 63 5
Risk management 37 9
845 907
Non-current
Long-term debt 3,062 2,685
Decommissioning
liability 639 635
Risk management 32 35
Deferred tax
liability 1,324 1,350
Other non-current
liabilities 7 5
5,909 5,617
Shareholders' equity
Shareholders' capital 9,067 8,985
Other reserves 79 97
Deficit (606) (208)
8,540 8,874
Total liabilities and
shareholders' equity $ 14,449 $ 14,491
Penn West Petroleum Ltd.
Consolidated Statements of Income (Loss)
Three months ended Six months ended
June 30 June 30
(CAD millions, except per share
amounts, unaudited) 2013 2012 2013 2012
Oil and natural gas sales $ 746 $ 770 $ 1,442 $ 1,659
Royalties (132) (147) (251) (308)
614 623 1,191 1,351
Risk management gain (loss)
Realized (1) 4 7 (15)
Unrealized 34 363 (39) 300
647 990 1,159 1,636
Expenses
Operating 214 255 431 528
Transportation 7 7 15 15
General and administrative 43 44 86 83
Restructuring 13 - 13 -
Share-based compensation 16 (30) 24 (13)
Depletion and depreciation 270 306 549 618
Gain on dispositions - (23) - (95)
Exploration and evaluation - - - 1
Unrealized risk management (gain) loss 2 19 (3) (23)
Unrealized foreign exchange loss 64 35 93 4
Financing 47 49 92 96
Accretion 11 10 22 21
687 672 1,322 1,235
Income (loss) before taxes (40) 318 (163) 401
Deferred tax expense (recovery) - 83 (26) 107
Net and comprehensive income (loss) $ (40) $ 235 $ (137) $ 294
Net income (loss) per share
Basic $ (0.08) $ 0.50 $ (0.28) $ 0.62
Diluted $ (0.08) $ 0.50 $ (0.28) $ 0.62
Weighted average shares
outstanding (millions)
Basic 484.6 474.3 483.2 473.5
Diluted 484.6 474.4 483.2 473.6
Penn West Petroleum Ltd.
Consolidated Statements of Cash Flows
Three months ended Six months ended
June 30 June 30
(CAD millions,
unaudited) 2013 2012 2013 2012
Operating activities
Net income
(loss) $ (40) $ 235 $ (137) $ 294
Depletion and
depreciation 270 306 549 618
Gain on
dispositions - (23) - (95)
Exploration and
evaluation - - - 1
Accretion 11 10 22 21
Deferred tax
expense
(recovery) - 83 (26) 107
Share-based
compensation 5 (30) 8 (18)
Unrealized risk
management loss
(gain) (32) (344) 36 (323)
Unrealized
foreign
exchange loss 64 35 93 4
Decommissioning
expenditures (7) (15) (25) (39)
Change in
non-cash
working capital (72) 23 (65) (56)
199 280 455 514
Investing activities
Capital
expenditures (112) (329) (539) (989)
Property
dispositions
(acquisitions),
net 29 19 38 341
Change in
non-cash
working capital (112) (131) (94) (139)
(195) (441) (595) (787)
Financing activities
Increase in
bank loan 100 260 343 469
Issue of equity - - 2 3
Dividends paid (104) (99) (205) (199)
(4) 161 140 273
Change in cash - - - -
Cash, beginning of
period - - - -
Cash, end of period $ - $ - $ - $ -
Penn West Petroleum Ltd.
Statements of Changes in Shareholders' Equity
(CAD millions,
unaudited)
Shareholders' Other
Capital Reserves Deficit Total
Balance at
January 1, 2013 $ 8,985 $ 97 $ (208) $ 8,874
Net and
comprehensive
loss - - (137) (137)
Share-based
compensation - 8 - 8
Issued on
exercise of
options and
share rights 28 (26) - 2
Issued to
dividend
reinvestment
plan 54 - - 54
Dividends
declared - - (261) (261)
Balance at June
30, 2013 $ 9,067 $ 79 $ (606) $ 8,540
(CAD millions, Shareholders' Other Retained
unaudited) Capital Reserves Earnings Total
Balance at
January 1, 2012 $ 8,840 $ 95 $ 132 $ 9,067
Net and
comprehensive
income - - 294 294
Share-based
compensation - 17 - 17
Issued on
exercise of
options and
share rights 21 (18) - 3
Issued to
dividend
reinvestment
plan 56 - - 56
Dividends
declared - - (256) (256)
Balance at June
30, 2012 $ 8,917 $ 94 $ 170 $ 9,181
Investor Information
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.
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.
For further information:
PENN WEST EXPLORATION
Penn West Plaza
Suite 200, 207 - 9th Avenue SW
Calgary, Alberta T2P 1K3
Phone: +1-403-777-2500
Fax: +1-403-777-2699
Toll Free: 1-866-693-2707
Website: http://www.pennwest.com
Investor Relations:
Toll Free: +1-888-770-2633
E-mail: investor_relations@pennwest.com
Clayton Paradis, Manager, Investor Relations
Phone: +1-403-539-6343
E-mail: clayton.paradis@pennwest.com
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