CALGARY, Alberta, May 4, 2012 /PRNewswire/ --
PENN WEST PETROLEUM LTD. (TSX: PWT) (NYSE: PWE)("PENN
WEST") is pleased to announce its results for the first quarter
ended March 31, 2012
Our corporate strategy is to provide shareholder return through
a combination of oil production growth and a stable dividend. We
have focused investment over the past several years on establishing
the growth potential of the largest light-oil inventory in
Western Canada. In three years, we
have proven that we can execute on a large scale using horizontal
multi-stage fracture technology. We have applied the technology
from a standing start to producing over 35,000 boe per day from
horizontal wells. We acquired complimentary land positions in our
existing plays and emerging trends with a strong weighting to oil.
Throughout this period, we maintained capital discipline, increased
the term of our debt capital and disposed of non-core assets to
partially fund our capital programs while conserving our balance
sheet. The first quarter results are a product of our approach to
the business.
HIGHLIGHTS
- Average production in the first quarter of 2012 was 167,420 boe
[(1)] per day, after the effect of approximately 4,500
boe per day of asset dispositions in January, compared to 168,801
boe per day for the fourth quarter of 2011.
- First quarter average liquids production was in excess of
107,000 boe per day, of which approximately 90 percent was
oil.
- Capital expenditures for the first quarter of 2012, including
net property dispositions, totalled $338
million compared to $436
million for the first quarter of 2011. Our capital guidance
for 2012 remains $1.3 billion to $1.4
billion, net of acquisition and disposition activity in the
first quarter of 2012.
- Funds flow [(2)] was $337
million ($0.71 per share -
basic [(2)]) in the first quarter of 2012 compared to
$356 million ($0.77 per share - basic) reported in the first
quarter of 2011 primarily due to lower natural gas prices and wider
Canadian crude oil differentials offset by higher WTI oil
prices.
- Net income for the first quarter of 2012 was $59 million ($0.12
per share - basic).
- Proceeds on net property dispositions in the first quarter of
2012 totalled $322 million.
DIVIDEND
- On May 3, 2012, our Board of
Directors declared a second quarter 2012 dividend of $0.27 per share to be paid on July 13, 2012 to shareholders of record on
June 29, 2012. Shareholders are
advised that this dividend is designated as an "eligible dividend"
for Canadian income tax purposes.
RISK MANAGEMENT
- For 2012, we have 60,000 barrels per day of oil production
hedged between US$85.53 per barrel
and US$100.20 per barrel.
- In 2012, we have 50,000 mcf per day of natural gas production
hedged at an average price of $4.30
per mcf.
- We have foreign exchange contracts to swap US$156 million per month of US dollar revenue for
2012 to Canadian dollars at an average rate of 1.02 Canadian dollars per US dollar.
- For 2013 we have hedged 41,000 barrels per day of oil
production between US$94.51 per
barrel and US$108.28 per barrel.
[1]. Please refer to the "Oil and Gas
Information Advisory" section below for information regarding the
term "boe".
[2]. The terms "funds flow" and "funds
flow per share-basic" are non-GAAP measures. Please refer to the
"Calculation of Funds Flow" and "Non-GAAP Measures Advisory"
sections below.
OPERATIONS UPDATE
In the first quarter of 2012, we were the most active driller
for light-oil targets in Western
Canada. We executed our most active operational quarter in
company history. At peak, we had 38 drilling rigs operating and rig
released 179 operated development wells in the quarter. Predictable
results and an inventory of multi-well pads for tie-in position us
well to continue our operational momentum.
Oil Development
Carbonates
- From an exploration concept in 2009, we have progressed to
drilling 23 wells, 14 of which were dual-laterals, during the first
quarter with an average of eight rigs.
- We have grown horizontal production to more than 7,500 boe per
day.
- In the Slave Point, we are the dominant player where we have
secured approximately 400,000 net acres of land and our drilling
inventory is growing.
- The ongoing expansion of our Slave Point facilities ensures
growth capacity and area control.
Cardium
- Penn West holds the largest land position in industry on the
Cardium trend with approximately 665,000 net acres.
- We are in full-scale development in Willesden Green,
Alder Flats and West Pembina where
our results exceed the industry average.
- We had six rigs active in our three focus areas and we drilled
28 wells.
- We are currently producing over 9,000 boe per day from our
horizontal development program.
Viking
- In southwest Saskatchewan, we
continue to drive this predictable and highly economic resource
play.
- We drilled 44 wells on the Viking trend in this quarter and are
currently producing over 6,000 boe per day from horizontal
development.
- In Alberta, our results are
encouraging and we continue to appraise the oil rich prospects on
our extensive Viking position.
Spearfish
- We had five rigs active over the quarter and rig released 37
wells.
- Current horizontal production has grown to over 8,500 boe per
day and our current inventory supports over five years of
growth.
- The battery was expanded to 13,500 boe per day. We will drill
to fill over the next year.
Resource Appraisal
- The combination of multi-stage fracture technology with proven
secondary and tertiary recovery methods provide Penn West with a
broad suite of profitable opportunities. By year-end 2012, we
anticipate having a number of EOR projects underway.
- In the Peace River Oil Partnership, the second steam injection
cycle continued throughout the first quarter at the Seal Main
thermal pilot and planning for the next pilot is ongoing.
- In the Cordova Joint Venture, we continue to appraise the
ultimate recoverable gas potential and further refine our drilling
and completions techniques.
HIGHLIGHTS
Three months ended March 31
2012 2011 % change
Financial
(millions, except per share amounts)
Gross revenues [(1)] $ 870 $ 844 3
Funds flow 337 356 (5)
Basic per share 0.71 0.77 (8)
Diluted per share 0.71 0.77 (8)
Net income 59 291 (80)
Basic per share 0.12 0.63 (81)
Diluted per share 0.12 0.63 (81)
Capital expenditures, net [(2)] 338 436 (22)
Debt at period-end [(3)] 3,397 2,838 20
Dividends paid [(4)] $ 127 $ 41 100
Payout ratio [(5)] 38% 12% 26
Operations
Daily production
Light oil and NGL
(bbls/d) 89,029 85,651 4
Heavy oil
(bbls/d) 18,170 18,698 (3)
Natural gas
(mmcf/d) 361 371 (3)
Total production (boe/d) 167,420 166,135 1
Average sales price
Light oil and NGL
(per bbl) $ 84.16 $ 80.07 5
Heavy oil (per
bbl) 72.68 62.82 16
Natural gas (per
mcf) $ 2.29 $ 3.79 (40)
Netback per boe
Sales price $ 57.59 $ 56.82 1
Risk management
loss (1.24) (0.79) 57
Net sales price 56.35 56.03 1
Royalties (10.59) (10.04) 5
Operating
expenses (17.93) (15.92) 13
Transportation (0.49) (0.51) (4)
Netback $ 27.34 $ 29.56 (8)
[1]. Gross revenues include realized gains and losses on
commodity contracts.
[2]. Includes net asset acquisitions/dispositions and excludes
business combinations.
[3]. Comparative debt at December 31,
2011 was $3,219 million.
[4]. Includes dividends paid prior to those reinvested in shares
under the dividend reinvestment plan. In 2011, we began paying
dividends on a quarterly basis. The last monthly distribution
payment as a Trust was declared in December
2010 and paid in January 2011
($0.09 per unit). Our first quarterly
dividend ($0.27 per share) as a
corporation was paid in April
2011.
[5]. Payout ratio is calculated as dividends paid divided by
funds flow. The term "payout ratio" is a non-GAAP measure. See
"Non-GAAP Measures Advisory" section below.
DRILLING
STATISTICS
Three months ended March 31
2012 2011
Gross Net Gross Net
Oil 188 151 171 145
Natural gas 20 17 12 8
208 168 183 153
Stratigraphic and service 50 27 67 32
Total 258 195 250 185
Success rate [(1)] 100% 100%
(1) Success rate is calculated excluding
stratigraphic and service wells.
CAPITAL EXPENDITURES
Three months ended March 31
(millions) 2012 2011
Land acquisition and retention $ 8 $ 18
Drilling and completions 497 351
Facilities and well equipping 199 146
Geological and geophysical 8 6
Corporate 8 3
Capital expenditures [(1)] 720 524
Joint venture, carried capital (60) (32)
Property dispositions, net (322) (56)
Total capital expenditures $ 338 $ 436
(1) Capital expenditures include costs related to
development capital and Exploration and Evaluation activities.
During the first quarter of 2012, we continued our light-oil
focus with our capital program concentrating on our key light-oil
properties in the Carbonates, Cardium, Viking and Spearfish.
Completion and tie-in activities continue as we move into the
second quarter. In January 2012, we
completed net property dispositions with production of 4,500 boe
per day as part of our ongoing portfolio management.
LAND
As at March 31
Producing Non-producing
% %
2012 2011 change 2012 2011 change
Gross acres (000s) 5,979 6,366 (6) 2,879 2,924 (2)
Net acres (000s) 4,014 4,229 (5) 2,025 2,023 -
Average working interest 67% 66% 1 70% 69% 1
COMMON SHARES DATA
(millions of shares) Three months ended March 31
2012 2011 % change
Weighted average
Basic 472.6 461.8 2
Diluted 472.9 468.1 1
Outstanding as at March 31 472.9 464.3 2
Letter to our
Shareholders
Over the past several years we have seen a steady rise in both
oil demand and its price worldwide. This parallels the slow and
steady economic recovery in the West, with robust growth in Asian
and emerging economies. Throughout the first quarter of 2012, price
differentials between Canadian crude oil and the benchmark West
Texas Intermediate price widened and natural gas prices further
deteriorated. The uncertainty as to the duration of these
events has been reflected in Canadian energy stock price
performance over recent months. Despite volatility in commodity
return and the market, our strategy of light-oil development
remains unchanged. Penn West's extensive inventory ensures years of
light-oil development while we wait to see how natural gas
inventory levels and domestic demand balance out. We believe
the solution to crude oil differentials in North America will be solved more readily than
the natural gas supply / demand balance issue.
As a significant, oil-oriented exploration and production
company utilizing horizontal multi-stage fracture technology, Penn
West must adapt to the impact that technology is having on the
supply / demand equation in North
America. Growing Canadian conventional crude oil, increasing
synthetic crude shipments from the oil sands of northern
Alberta, and an increase in Bakken
oil production have all contributed to the rising supply of oil.
Current US pipeline infrastructure is insufficient to deliver North
American crude oil to key refinery sites on both the Gulf coast and
east-coast. Canadian and US crude sources can displace imports
providing there is an evolution in the pipeline infrastructure
which transports these products to refineries and allows North
American crude to compete on a world basis. Rising supply,
limitations of existing infrastructure, and a significant number of
refineries being off-line in the first quarter of 2012 combined to
produce differentials which at peak levels exceeded $25 per barrel on light sweet crudes. Subsequent
to refinery turnarounds, differentials have narrowed
significantly.
Penn West is actively mitigating the impact of future
differentials and any potential weakness in crude oil pricing. To
ensure firm access to pipelines in the US, Penn West has contracted
pipeline capacity on some of the near-term pipeline expansions.
Under a wide differential scenario, this should provide greater
certainty of access to US markets where our crude oil will fetch a
higher price. We have evolved our crude oil marketing strategies,
moving towards direct sales to refiners of choice. We have been
actively hedging our crude oil volumes increasing the floor price
each year, reaching approximately $95
for 2013.
At a more macro level, there are several infrastructure
transport issues which will need to be addressed on an ongoing
basis to ensure long-term certainty for crude oil development in
North America. We believe the
first generation of these changes is already underway as projects
intended to increase capacity into Gulf Coast refineries will
reduce the backlog of crude inventories in the US mid-continent.
This is a significant step in reducing pricing differentials on
crude oil produced here in Canada.
Second generation infrastructure developments include additional
de-bottlenecking in the US via line extensions, many of which are
already underway, and possible eastern Canada line reversals which could allow the
flow of crude from western Canada
to refineries located in eastern North
America. Longer-term, we believe the third generation of
pipeline infrastructure could include the development and expansion
of crude oil capacity to western Canadian ports allowing increased
export to Asian markets. These projects have longer lead times and
will require government support. We view recent announcements by
the Canadian federal government to shorten the approval and
regulatory process, while maintaining rigorous standards, as
important steps in support of a vibrant and growing energy industry
in Canada which has beneficial
economic impacts that extend to a broad spectrum of industries
across the nation.
"Signed"
Murray R. Nunns
President and Chief Executive Officer
Calgary, Alberta
May 3, 2012
Outlook
This outlook section is included to provide shareholders with
information about our expectations as at May
3, 2012 for production and capital expenditures for 2012 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".
Our production and capital guidance for 2012 remains
unchanged. After giving effect to net acquisition and
disposition activity to date in 2012, our forecast average
production for 2012 is between 168,500 and 172,500 boe per day and
our exploration and development capital, net of acquisition and
disposition activity to date in 2012, is forecasted to be in the
range of $1.3 billion to $1.4
billion. These ranges are consistent with our prior
forecasts as filed on SEDAR at http://www.sedar.com.
Non-GAAP Measures Advisory
This news release includes non-GAAP measures not defined under
IFRS including funds flow, funds flow per share-basic, funds flow
per share-diluted, netback and payout ratio. 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. Payout ratio is calculated as dividends
paid divided by funds flow. We use payout ratio to assess the
adequacy of retained funds flow to finance capital programs.
Calculation of Funds Flow
(millions, except per share amounts) Three months ended March 31
2012 2011
Cash flow from operating activities $ 234 $ 240
Increase in non-cash working capital 79 96
Decommissioning expenditures 24 20
Funds flow $ 337 $ 356
Basic per share $ 0.71 $ 0.77
Diluted per share $ 0.71 $ 0.77
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
In the interest of providing our securityholders and potential
investors with information regarding Penn West, including
management's assessment of our future plans and operations, 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 addition,
statements relating to "reserves" or "resources" are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated
and can be profitably produced in the future.
In particular, this document contains forward-looking statements
pertaining to, without limitation, the following: our corporate
strategy to provide shareholder return through a combination of oil
production growth and a stable dividend; our intention and ability
to establish the growth potential of the largest light oil
inventory in Western Canada; our
capital expenditure guidance for 2012; the details of our second
quarter dividend; our belief that consistent, predictable results
and an inventory of multi-well pads for tie-in position us well to
continue our operational momentum; certain disclosures contained
under the heading "Operations Update" in respect of our Carbonates,
Cardium, Viking and Spearfish oil development plays and our Peace
River Oil Partnership and Cordova Joint Venture, including our
belief that our drilling inventory on our Carbonates play is
growing, our belief that the ongoing expansion of our Slave Point
facilities will ensure growth capacity and area control, our belief
that the southwest Saskatchewan Viking play is a predictable and
highly economic resource play, our belief that our current
inventory on our Spearfish play supports over five years of growth,
our belief that a combination of multi-stage fracture technology
with proven secondary and tertiary recovery methods provide us with
a broad suite of profitable opportunities and that by year-end 2012
we anticipate having a number of EOR projects underway, our belief
that there will be another thermal pilot well on our Peace River oil play, and our intention to
continue to appraise the ultimate recoverable gas potential on our
Cordova joint venture and further refine our drilling and
completions techniques; our anticipation that completion and tie-in
activities on our key light-oil properties in the Carbonates,
Cardium, Viking and Spearfish plays will continue as we move into
the second quarter; our strategy to focus on light oil development;
our belief that our extensive inventory ensures years of light-oil
development; our belief that the solution to crude oil
differentials in North America
will be solved more readily than the natural gas supply / demand
balance issue; our belief that Canadian and US crude sources can
displace imports; our intention to actively mitigate the impact of
future differentials and any potential weakness in crude oil
pricing; our belief that infrastructure projects intended to
increase capacity into Gulf Coast refineries will reduce the
backlog of crude inventories in the US mid-continent; and certain
disclosures contained under the heading "Outlook" relating to our
forecast exploration and development capital expenditures for 2012
and our forecast average production levels for 2012.
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; the impact of increasing competition; 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: see in particular the assumptions
identified under the heading "Outlook".
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 conditions in Canada, the U.S. and globally; industry
conditions, including fluctuations in the price of oil and natural
gas; royalties payable in respect of our oil and natural gas
production and changes thereto; 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 industry
partner and other third-party consents and approvals when required;
stock market volatility and market valuations; OPEC's ability to
control production and balance global supply and demand of crude
oil at desired price levels; political uncertainty, including the
risks of hostilities, in the petroleum producing regions of the
world; the need to obtain required approvals from regulatory
authorities from time to time; failure to realize the anticipated
benefits of dispositions, acquisitions, joint ventures and
partnerships, including the completed dispositions, acquisitions,
joint ventures and partnerships discussed herein; changes in tax
and other laws that affect us and our securityholders; changes in
government royalty frameworks; uncertainty of obtaining required
approvals for acquisitions and mergers; 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.
The forward-looking statements contained in this document speak
only as of the date of this document. Except as expressly required
by applicable securities laws, we do not undertake any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
Penn West Petroleum Ltd.
Consolidated Balance Sheets
March 31,
(CAD millions, unaudited) 2012 December 31, 2011
Assets
Current
Accounts receivable $ 484 $ 486
Other 117 104
Risk management 74 39
675 629
Non-current
Deferred funding assets 528 596
Exploration and
evaluation assets 515 418
Property, plant and
equipment 11,935 11,893
Goodwill 2,020 2,020
Risk management 32 28
15,030 14,955
Total assets $ 15,705 $ 15,584
Liabilities and Shareholders' Equity
Current
Accounts payable and
accrued liabilities $ 1,036 $ 1,117
Dividends payable 128 127
Risk management 169 114
1,333 1,358
Non-current
Long-term debt 3,397 3,219
Decommissioning
liability 576 607
Risk management 51 46
Deferred tax liability 1,311 1,287
6,668 6,517
Shareholders' equity
Shareholders' capital 8,884 8,840
Other reserves 90 95
Retained earnings 63 132
9,037 9,067
Total liabilities and shareholders'
equity $ 15,705 $ 15,584
Penn West Petroleum Ltd.
Consolidated Statements of Income
Three months ended
March 31
(CAD millions, except per share amounts, unaudited) 2012 2011
Oil and natural gas sales $ 889 $ 856
Royalties (161) (150)
728 706
Risk management loss
Realized (19) (12)
Unrealized (63) (176)
646 518
Expenses
Operating 273 238
Transportation 8 8
General and administrative 39 37
Share-based compensation 17 78
Depletion and depreciation 312 247
Gain on dispositions (72) (24)
Exploration and evaluation 1 4
Unrealized risk management
gain (42) (31)
Unrealized foreign
exchange gain (31) (38)
Financing 47 47
Accretion 11 12
563 578
Income (loss) before taxes 83 (60)
Deferred tax expense
(recovery) 24 (351)
Net and comprehensive income $ 59 $ 291
Net income per share
Basic $ 0.12 $ 0.63
Diluted $ 0.12 $ 0.63
Weighted average shares outstanding (millions)
Basic 472.6 461.8
Diluted 472.9 468.1
Penn West Petroleum Ltd.
Consolidated Statements of Cash Flows
Three months ended
March 31
(CAD millions, unaudited) 2012 2011
Operating activities
Net income $ 59 $ 291
Depletion and depreciation 312 247
Gain on dispositions (72) (24)
Exploration and evaluation 1 4
Accretion 11 12
Deferred tax expense (recovery) 24 (351)
Share-based compensation 12 70
Unrealized risk management loss 21 145
Unrealized foreign exchange gain (31) (38)
Decommissioning expenditures (24) (20)
Change in non-cash working capital (79) (96)
234 240
Investing activities
Capital expenditures (660) (492)
Acquisitions (9) (27)
Proceeds from dispositions 331 107
Change in non-cash working capital (8) (19)
(346) (431)
Financing activities
Increase in bank loan 209 57
Proceeds from issuance of notes - 75
Issue of equity 3 100
Dividends paid (100) (34)
Settlement of convertible
debentures - (7)
112 191
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 Retained
Capital Reserves Earnings Total
Balance at January 1,
2012 $ 8,840 $ 95 $ 132 $ 9,067
Net and comprehensive
income - - 59 59
Share-based compensation - 9 - 9
Issued on exercise of
options and share rights 17 (14) - 3
Issued to dividend
reinvestment plan 27 - - 27
Dividends declared - - (128) (128)
Balance at March 31,
2012 $ 8,884 $ 90 $ 63 $ 9,037
(CAD millions, unaudited)
Shareholders' Other Retained
Capital Reserves Earnings Total
Balance at January 1, 2011 $ 9,170 $ - $ (610) $ 8,560
Elimination of deficit (610) - 610 -
Net and comprehensive
income - - 291 291
Implementation of Option
Plan and CSRIP - 81 - 81
Share-based compensation - 12 - 12
Issued on exercise of
options and share rights 112 (12) - 100
Issued to dividend
reinvestment plan 7 - - 7
Dividends declared - - (125) (125)
Balance at March 31, 2011 $ 8,679 $ 81 $ 166 $ 8,926
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
10:00am Mountain Time (12:00pm Eastern Time) on May 4, 2012.
To listen to the conference call, please call 647-427-7450 or
1-888-231-8191 (North America
toll-free). This call will be broadcast live on the Internet and
may be accessed directly on the Penn West website at
http://www.pennwest.com or at the following URL:
http://event.on24.com/r.htm?e=456788&s=1&k=A3266F6F97922698A78637A9D335BA5B
A digital recording will be available for replay two hours after
the call's completion, and will remain available until May 18, 2012 21:59
Mountain Time (23:59 Eastern
Time). To listen to the replay, please dial 416-849-0833 or
1-855-859-2056 (North America
toll-free) and enter Conference ID 76710433, followed by the pound
(#) key.
For further information:
PENNWESTEXPLORATION
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
Murray Nunns, President & Chief
Executive Officer
Phone: +1-403-218-8939
E-mail: murray.nunns@pennwest.com
Jason Fleury, Senior Manager,
Investor Relations
Phone: +1-403-539-6343
E-mail: jason.fleury@pennwest.com
(PWT.DB.F. PWT. PWE)
SOURCE Penn West Exploration