PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West" "or the Company") is pleased to announce that our shareholders have approved our name change to Obsidian Energy Ltd., effective immediately. In conjunction with our name change, our stock symbol will be replaced with "OBE" on both the Toronto Stock Exchange and New York Stock Exchange, effective in the next 3 – 5 business days. No action is required by shareholders with respect to this change.
"We are pleased to recognize the last step in our transformation with a name change to Obsidian Energy. As we start a new chapter in our story, we will guide the Company on three principles: disciplined technical and commercial decision-making to build and protect enterprise value, relentless pursuit of progress and innovation, and accountable and transparent efforts with our shareholders, our partners and the communities in which we operate. Obsidian Energy is well positioned with the right assets, a healthy balance sheet and a prudent hedging strategy that will allow the Company to set a standard for performance even in lower price environments," commented David French, President and Chief Executive Officer.
In addition to the name change, shareholders approved all resolutions outlined in the Notice of 2017 Annual and Special Meeting and Management Proxy Circular dated April 30, 2017 (the "Information Circular"), which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on the Company website at www.pennwest.com, which will in due course become www.obsidianenergy.com.
About Obsidian Energy
Obsidian Energy is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets based in Western Canada. Obsidian Energy is a company based on discipline, relentless passion for the work we do, and resolute accountability to our shareholders, our partners and the communities in which we operate.
SOURCE: Penn West
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.