PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West", the "Company", "we", "us" or "our") is pleased to propose a name change to Obsidian Energy Ltd.
"As we look around today, our Company is very different from just a few short years ago," reflected David French, President and Chief Executive Officer. "Over the past several months, we spoke a lot about concluding the story of our restructuring, which touched everything from our balance sheet, key development areas, people and operating practices. We rebuilt the Company from the assets up and refocused from the top down.
We no longer resemble the old 'Penn West'. This year marks a new beginning for us, and we are excited to turn the page on a new chapter. In recognition of this, we will ask our shareholders to vote in favour of a proposed name change at our upcoming Annual and Special Meeting — a name and set of principles that will guide us as we move forward. Our new company is one based on discipline, relentless passion for the work we do, and accountability to our shareholders, our partners and the communities in which we operate.
We propose the name 'Obsidian Energy', after a naturally occurring volcanic glass with a similar sheen to crude oil. Obsidian is created through a geological process transforming into a substance of strength, dependability, and longevity. We'll be proud to take the name and what it means for us.
As a Company, we are positioned with the right assets, people, and organizational structure to succeed in the current commodity price environment. We look forward to providing a more detailed review of our portfolio at our Analyst Day in the coming weeks and to our upcoming Annual and Special Meeting."
For those interested in learning more about the proposed name change, the Company has uploaded a brief presentation and video to its website, www.pennwest.com.
Annual and Special Meeting
WHEN: Monday, June 26, 2017, at 10:00 a.m. (Mountain Daylight Time)
WHERE: Metropolitan Conference Centre
333 – 4th Avenue SW Calgary, Alberta
SOURCE: Penn West Petroleum Ltd.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.