CALGARY, May 13, 2015 /PRNewswire/ - PENN WEST
PETROLEUM LTD. (TSX – PWT; NYSE – PWE) (or the
"Company") is pleased to announce that at its annual
and special meeting of shareholders held on May 13, 2015, Penn West's shareholders approved
all resolutions outlined in the Notice of 2015 Annual and Special
Meeting and Management Proxy Circular dated April 1, 2015 (the "Information
Circular"), which is available on SEDAR at www.sedar.com, on
EDGAR at www.sec.gov, and on Penn West's website at
www.pennwest.com.
1. Appointment of Auditor
By resolution passed by show of hands, Ernst & Young LLP,
Chartered Accountants, was appointed as auditor of Penn West for
the ensuing year.
2. Election of Directors
By resolutions passed by ballot vote, the following eight
nominees proposed by management were elected as directors of the
Company to hold office until the next annual meeting of
Shareholders or until their successors are elected or
appointed:
|
Name of
Nominee
|
Votes
For
|
Percent
|
Votes
Withheld
|
Percent
|
|
George H.
Brookman
|
168,042,726
|
94.73%
|
9,351,291
|
5.27%
|
|
John
Brydson
|
170,783,587
|
96.27%
|
6,610,430
|
3.73%
|
|
Raymond D.
Crossley
|
169,247,369
|
95.41%
|
8,146,648
|
4.59%
|
|
Gillian H.
Denham
|
144,887,051
|
81.68%
|
32,506,966
|
18.32%
|
|
William A.
Friley
|
145,652,812
|
82.11%
|
31,741,205
|
17.89%
|
|
Richard L.
George
|
167,111,824
|
94.20%
|
10,282,193
|
5.80%
|
|
David E.
Roberts
|
147,255,601
|
83.01%
|
30,138,416
|
16.99%
|
|
Jay W.
Thornton
|
163,480,126
|
92.16%
|
13,913,891
|
7.84%
|
3. Special Resolution for a Reduction
in the Stated Capital of Penn West
By resolution passed by ballot vote, a special resolution was
passed to approve the reduction in the stated capital as outlined
in the Information Circular. The results of the ballot were
as follows:
|
Votes
For
|
Percent
|
Votes
Withheld
|
Percent
|
|
270,709,112
|
94.87%
|
14,638,387
|
5.13%
|
4. Non-Binding Advisory Vote on the
Corporation's Approach to Executive Compensation
By resolution passed by ballot vote, an advisory resolution was
passed to approve the Company's approach to executive compensation
as outlined in the Information Circular. The results of the
ballot were as follows:
|
Votes
For
|
Percent
|
Votes
Withheld
|
Percent
|
|
130,788,982
|
73.73%
|
46,609,246
|
26.27%
|
Penn West is one of the largest conventional oil and natural gas
producers in Canada. Our goal is
to be the company that redefines oil & gas excellence in
western Canada. Based in
Calgary, Alberta, Penn West
operates a significant portfolio of opportunities with a dominant
position in light oil in Canada on
a land base encompassing approximately 4.5 million acres.
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.
SOURCE Penn West