UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2015
Commission File Number 1-32895
Penn West
Petroleum Ltd.
(Translation of registrants name into English)
Suite 200, 207 9th Avenue SW
Calgary, Alberta T2P 1K3
Canada
(Address of
principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form
20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7) ¨
DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K
See the Exhibit Index hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on November 9, 2015.
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PENN WEST PETROLEUM LTD. |
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By: |
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/s/ Mark Hawkins |
Name: |
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Mark Hawkins |
Title: |
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Corporate Secretary and Senior Counsel |
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EXHIBIT INDEX
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Exhibit |
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Description |
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99.1 |
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News release, dated November 9, 2015 |
Exhibit 99.1
PENN WEST ANNOUNCES THE CLOSING OF THE SALE OF ITS
NON-OPERATED 9.5% WORKING INTEREST IN THE WEYBURN UNIT
CALGARY, November 9, 2015 - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) (Penn West, we, us
or our) is pleased to announce that it has closed the sale of its non-operated 9.5% working interest in the Weyburn Unit in Southeast Saskatchewan for cash consideration of approximately $205 million.
Additionally, as announced in our third quarter results, we closed the sale of our properties in the Greater Mitsue area of Central Alberta on
October 30, 2015, for total proceeds of $193 million, subject to closing adjustments. We intend to use the proceeds from both dispositions to reduce our senior debt.
With approximately $810 million in divestitures announced this year, we have surpassed our $650 million non-core asset disposition target, despite a
challenging commodity price environment. These transactions continue to demonstrate our ability to complete non-core asset dispositions at attractive deal metrics. We will continue our divestiture process on additional non-core assets.
About Penn West
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 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. All dollar amounts herein are in Canadian dollars.
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. In particular, this
document contains a forward-looking statement pertaining to our intention to use the proceeds from the dispositions to reduce our senior debt, that the transactions continue to demonstrate our ability to complete non-core asset dispositions at
attractive deal metrics and that we will continue our divestiture process on additional non-core assets.
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 and assumptions 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. Important factors that
could cause actual results and events to differ from those described in the forward-looking statements can be found in our public filings (including our Annual Information Form) available in Canada at
www.sedar.com and in the United States at 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.
For further information, please contact:
PENN WEST
Penn West Plaza
Suite 200, 207 9th Avenue SW
Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Fax: 403-777-2699
Toll Free: 1-866-693-2707
Website: www.pennwest.com
Investor Relations:
Toll Free: 1-888-770-2633
E-mail: investor_relations@pennwest.com
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