CALGARY, Aug. 22, 2013 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE -
PWE) ("PENN WEST" or "the Company") announced today that as part of the
ongoing process to improve competitive performance, the Company has further
reduced its workforce to less than 1,600 full time equivalent employees. To
date in 2013, the Company has reduced total employee count by over 25% from
approximately 2,150 full time employees at the beginning of the year and by
30% from approximately 2,250 in the fall of 2012.
Penn West President and CEO Dave Roberts remarked, "This week, Penn West has
taken another series of focused steps to restore its competitiveness. With
this week's change, we have now reduced the number of staff across the
enterprise by over 550 from the beginning of the year. While I now believe we
are staffed at an appropriate level to efficiently move the Company forward,
our processes and actions must continue to drive cost improvements to our
bottom line so our shareholders can measure the progress we are making."
Roberts continued, "These are never easy decisions, and parting with such a
large number of our colleagues is difficult. The spirit of the Company
remains positive, and we are focused on stewarding Penn West toward achieving
consistent, industry leading metrics in the areas in which we operate."
Penn West expects to record a charge related to employee separations of
approximately $25 million in the 3(rd) quarter of 2013.
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.
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 forward-looking statements pertaining to, without
limitation, the following: the appropriateness of current staffing
levels; the goal of achieving consistent, industry leading metrics in
the areas in which the Company operates; and the accounting costs
associated with employee separations. 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. 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.
SOURCE Penn West Exploration
PENN WEST EXPLORATION 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
Investor Relations: Toll Free: 1-888-770-2633
Clayton Paradis, Manager, Investor Relations Phone: 403-539-6343
Media Inquiries: Greg Moffatt, Manager, Stakeholder Relations Phone:
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-0- Aug/22/2013 21:50 GMT
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