2014

Penn West Exploration Announces its Financial Results for the Second Quarter Ended June 30, 2013

CALGARY, Alberta, August 8, 2013 /PRNewswire/ --

PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("PENN WEST" or the "COMPANY") is pleased to announce its results for the second quarter ended June 30, 2013. All figures are in Canadian dollars unless otherwise stated.



                               Three months ended June
                                                    30     Six months ended June 30
                                                     %                            %
                                2013       2012 change       2013       2012 change
    Financial
    (millions, except
    per share amounts)
    Gross revenues (1)     $     745  $     774    (4)  $   1,449  $   1,644   (12)
    Funds flow (2)               278        272      2        545        609   (11)
           Basic per
           share (2)            0.57       0.57      -       1.13       1.29   (12)
           Diluted per
           share (2)            0.57       0.57      -       1.13       1.29   (12)
    Net income (loss)           (40)        235  (100)      (137)        294  (100)
           Basic per
           share              (0.08)       0.50  (100)     (0.28)       0.62  (100)
           Diluted per
           share              (0.08)       0.50  (100)     (0.28)       0.62  (100)
    Exploration and
    development capital
    (3)                          112        329   (66)        539        989   (46)
    Debt at period-end     $   3,125  $   3,691   (15)  $   3,125  $   3,691   (15)

    Dividends
    (millions)
    Dividends paid (4)     $     130  $     128      2  $     259  $     255      2
    DRIP                        (26)       (29)   (10)       (54)       (56)    (4)
    Dividends paid in
    cash                   $     104  $      99      5  $     205  $     199      3

    Operations
    Daily production
    (average)
           Light oil and
           NGL (bbls/d)       72,493     87,536   (17)     72,708     88,282   (18)
           Heavy oil
           (bbls/d)           15,653     17,222    (9)     15,987     17,696   (10)
           Natural gas
           (mmcf/d)              312        351   (11)        316        356   (11)
    Total production
    (boe/d) (5)              140,083    163,181   (14)    141,436    165,301   (14)
    Average sales price
           Light oil and
           NGL (per bbl)   $   82.65  $   75.20     10  $   81.44  $   79.72      2
           Heavy oil (per
           bbl)                67.10      61.36      9      58.81      67.17   (12)
           Natural gas
           (per mcf)       $    3.70  $    1.98     87  $    3.44  $    2.14     61
    Netback per boe
           Sales price     $   58.49  $   51.06     15  $   56.20  $   54.37      3
           Risk
           management
           gain (loss)        (0.07)       0.29  (100)       0.26     (0.49)    100
           Net sales
           price               58.42      51.35     14      56.46      53.88      5
           Royalties         (10.32)     (9.84)      5     (9.81)    (10.22)    (4)
           Operating
           expenses          (16.83)    (17.16)    (2)    (16.86)    (17.55)    (4)
           Transportation     (0.59)     (0.51)     16     (0.59)     (0.50)     18
           Netback (2)     $   30.68  $   23.84     29  $   29.20  $   25.61     14


ess otherwise stated.


            Gross revenues include realized gains and losses on commodity
    (1)                               contracts.
        The terms "funds flow", "funds flow per share-basic", "funds flow per
         share-diluted" and "netback" are non-GAAP measures. Please refer to
           the "Calculation of Funds Flow" and "Non-GAAP Measures Advisory"
    (2)                            sections below.
    (3)                 Includes capital carried by partners.
         Includes dividends paid prior to amounts reinvested in shares under
    (4)                    the dividend reinvestment plan.
         Please refer to the "Oil and Gas Information Advisory" section below
    (5)               for information regarding the term "boe".



PRESIDENT'S MESSAGE

Dave Roberts, President and Chief Executive Officer, commented, "In the second quarter, Penn West continued to deliver operating results in line with expectations as we focused on reliable and repeatable performance from our asset base. Total production for the quarter averaged 140,083 boe per day with 63 percent being liquids. Funds flow of $278 million for the second quarter of 2013 was higher than the prior year due to narrowing WTI to Edmonton light sweet oil pricing differentials, which more than offset lower production as a result of asset dispositions closed in late 2012. Based on our performance to date, we can reiterate our expected production guidance for the year to deliver an annualized 135,000 to 145,000 boe per day in 2013. Capital expenditures for the year are expected at $900 million."

"In addition to the strategic review of the Company being progressed by the Special Committee of the Board, we are actively streamlining and focusing our management and operating structure. To date in 2013, the Company has reduced its workforce by over 10 percent of full time equivalents including a realignment of responsibilities and significant reduction of personnel, including at the executive and management level. Further steps to improve our focus, accountability and cost model to allow us to achieve our goal to deliver best in class operating performance and shareholder returns are expected in the present quarter."

SECOND QUARTER KEY POINTS

  • Total average production of 140,083 boe per day (63 percent liquids).
  • Funds flow up as commodity price gains and cost reductions offset asset sales.
  • Staff reduction target of 10 percent on the year, achieved prior to the end of the quarter.
  • 2013 annual average production target re-confirmed between 135,000 and 145,000 boe per day.
  • 2013 capital re-confirmed at $900 million.

OPERATIONAL HIGHLIGHTS

Second quarter 2013 production was ahead of plan as we reduced our cycle times from the start of drilling wells to on production. This continued to result in new production coming on-stream ahead of plans and downward trending costs. For the first six months of 2013, average production was 141,436 boe per day, in-line with our expectations and our annual average production guidance. Production for the second quarter of 2013 and year-to-date in 2013 was lower than the corresponding periods of 2012 due to the asset dispositions completed in the fourth quarter of 2012.

During the second quarter of 2013, exploration and development capital expenditures totalled $112 million (2012 - $329 million). Second quarter development activities were focused on completion and tie-in work from our winter drilling program, notably in the Viking and Spearfish plays. For the first six months of 2013, exploration and development capital expenditures totalled $539 million (2012 - $989 million).

We remain on target to meet our capital guidance for 2013. The incremental capital wedge of $300 million previously contemplated by the Company will not be invested in 2013.

FINANCIAL HIGHLIGHTS

Funds flow for the second quarter of 2013 was $278 million ($0.57 per share - basic) and ahead of budget due to stronger crude oil prices and narrower WTI to Edmonton light-oil differentials. This compared to $267 million ($0.55 per share - basic) in the first quarter of 2013 with both quarters including the effect of the late 2012 asset dispositions.

In the second quarter of 2013, we recorded a loss of $40 million ($0.08 per share - basic) primarily due to unrealized foreign exchange losses on our U.S. denominated debt, as a result of the weakening of the Canadian dollar relative to the US dollar.

For the second half of 2013, we currently have 55,000 barrels per day of crude oil production hedged between US$91.55 and US$104.42 per barrel and approximately 175,000 mcf per day of natural gas production hedged at $3.43 per mcf.

For the first six months of 2014, we have 26,000 barrels per day of crude oil production hedged, with 20,000 barrels per day swapped at an average price of US$93.74 per barrel and 6,000 barrels per day collared between US$92.00 and US$98.67 per barrel. Additionally, we have 2014 natural gas production hedged with 90,000 mcf per day swapped at $3.90 per mcf and 50,000 mcf per day collared between $3.41 per mcf and $4.17 per mcf.

PLAY UPDATE

Cardium

In the first half of 2013, we completed a selective drilling program in the Cardium focusing on program capital efficiencies and advancement of slick water fracture stimulation techniques. In the Alder Flats area, drilling and completion costs in the first half of 2013 improved by more than 30 percent from 2012. Based upon these results and extensive study by our teams, we are confident that comparable savings can be repeated in the Willesden Green and Lodgepole areas of the Cardium. The Cardium represents an opportunity to create repeatable and sustainable value creative investment programs and we will be reallocating $40 million of capital to the play in the second half of 2013. As a result of this shift, we anticipate drilling 14 additional wells. We expect that a continuous, even flow drilling approach will allow us to further improve our performance in the future.

Viking

The results of our drilling program in early 2013 remain encouraging and we have achieved significant improvements in well performance and cost. Drilling cost and cycle times of our program are competitive with other industry players. Our completion costs in the Viking trend higher than most of our competitors due to our use of nitrogen in our completion technique, however, first year well productivity is more than 25 percent higher than those of our competitors, more than justifying the additional cost. We believe further cost improvements are possible with pad drilling, continued refinement of our completion techniques and continuous improvement in our drilling performance. Based upon our results to date in the first half of 2013, we will reallocate $47 million to this opportunity in the second half with the expectation of drilling and completing 32 new wells. In addition, we are evaluating down spacing in the core of the play for 2014 drilling and are pursuing the implementation of waterflood schemes to increase the recoveries and value from this play.

Spearfish

In the first half of 2013, we allocated significant capital to the Spearfish due to its strong capital efficiencies and the production infrastructure in place. During the second quarter of 2013, activity was concentrated on tie-ins and completions of the winter drilling program and our liquids extraction plant became operational, providing incremental natural gas liquids production.

While there are a significant number of further primary locations to pursue in the play, we are shifting our activities to the assessment of waterflood schemes and other pressure maintenance opportunities to increase recoveries from the current estimate of approximately two percent. Capital previously planned for the Spearfish is being directed to the Cardium and Viking as we continue to study the results of our recent aggressive three-year drilling program.

Carbonates

Our results in the first half of 2013 have met or exceeded our expectations for cost and cycle time reductions as well as production performance. Well costs have declined 30 percent with the 2013 program and, for the remainder of 2013; our focus is on the initiation of a waterflood pilot in the Otter area and preparation of integrated development programs across the Slave Point play for 2014 and beyond.

Secondary Recovery

We remain confident in the potential to increase recoveries and create incremental value from the application of waterflood and other enhanced oil recovery schemes. Significant reservoir simulation work across all of our major plays has been completed with encouraging results. Over the balance of 2013 and into 2014, we will be implementing or expanding waterfloods in the Cardium and Slave Point, and will be evaluating waterflood application to the Viking and Spearfish. As we focus on enhancing value and capital returns by increasing resource recoveries, we expect a higher portion of our future capital programs will include upfront waterflood investments.

DIVIDENDS


                                  DRILLING STATISTICS

                          Three months ended June 30               Six months ended June 30
                           2013                 2012              2013                 2012
                Gross       Net      Gross       Net   Gross       Net      Gross       Net
    Oil            12         1         19        12     156       119        207       163
    Natural gas     -         -          -         -       1         1         20        17
                   12         1         19        12     157       120        227       180
    Stratigraphic
    and service     -         -          2         1      33        16         52        28
    Total          12         1         21        13     190       136        279       208
    Success rate
    (1)                    100%                 100%              100%                 100%


    (1) Success rate is calculated excluding stratigraphic and service wells.




       CAPITAL
    EXPENDITURES

    (millions)            Three months ended June 30       Six months ended June 30
                           2013                 2012         2013              2012
    Land
    acquisition
    and retention      $      2             $     27      $     3           $    35
    Drilling and
    completions              70                  179          391               676
    Facilities
    and well
    equipping                65                  138          194               337
    Geological
    and
    geophysical               -                    2            9                10
    Corporate                 2                    3            5                11
    Capital
    carried by
    partners               (27)                 (20)         (63)              (80)
    Exploration
    and
    development
    capital (1)             112                  329          539               989
    Property
    dispositions,
    net                    (29)                 (19)         (38)             (341)
    Total
    expenditures       $     83             $    310      $   501           $   648


ome tax purposes.

            Exploration and development capital includes costs related to
             Property, Plant and Equipment and Exploration and Evaluation
    (1)                              activities.



          LAND
                                                                 As at June 30
                               Producing                  Non-producing
                                               %                             %
                         2013     2012    change     2013      2012     change
    Gross acres
    (000s)              5,244    5,974      (12)    3,011     2,859          5
    Net acres (000s)    3,558    4,028      (12)    2,061     2,130        (3)
    Average working
    interest              68%      67%         1      69%       75%        (6)



from our winter drilling program in early 2013.


     COMMON SHARE
         DATA
                            Three months ended June 30     Six months ended June 30
    (millions of                                     %                            %
    shares)           2013          2012        change    2013          2012 change
    Weighted
    average
           Basic     484.6         474.3             2   483.2         473.5      2
           Diluted   484.6         474.4             2   483.2         473.6      2
    Outstanding
    as at June 30                                        485.0         474.6      2



Outlook

This outlook section is included to provide shareholders with information about our expectations as at August 7, 2013 for production and capital expenditures in 2013 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" and are cautioned that numerous factors could potentially impact our capital expenditure levels and production performance for 2013.

Our 2013 exploration and development capital budget remains unchanged at $900 million. It has been determined not to proceed with the previously announced option to increase our 2013 capital budget by $300 million. Our forecast 2013 average production remains unchanged between 135,000 and 145,000 boe per day.

There have been no changes to our guidance from our initial forecast, released on January 9, 2013 with our "2013 Budget" release and filed on SEDAR at http://www.sedar.com.

Non-GAAP Measures Advisory

This news release includes non-GAAP measures not defined under International Financial Reporting Standards ("IFRS") including funds flow, funds flow per share-basic, funds flow per share-diluted and netback. 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 gains and losses.


    Calculation of Funds Flow

    (millions, except per            Three months ended       Six months ended
    share amounts)                              June 30                June 30
                                       2013        2012         2013      2012
    Cash flow from operating
    activities                      $   199     $   280       $  455    $  514
    Change in non-cash working
    capital                              72        (23)           65        56
    Decommissioning
    expenditures                          7          15           25        39
    Funds flow                      $   278     $   272       $  545    $  609

    Basic per share                 $  0.57     $  0.57       $ 1.13    $ 1.29
    Diluted per share               $  0.57     $  0.57       $ 1.13    $ 1.29



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

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 particular, this document contains forward-looking statements pertaining to, without limitation, the following: under "President's Message", "Second Quarter Key Points" and "Outlook", our 2013 exploration and development capital budget of $900 million, and our forecast 2013 average production of between 135,000 and 145,000 boe per day; under "President's Message", our intention to progress a strategic review of the Company, our intention to actively streamline and focus our management and operating structure, and our belief that further steps to improve our focus, accountability and cost model to allow us to achieve our goal to deliver best in class operating performance and shareholder returns are expected in the present quarter; under "Play Update - Cardium", our belief that savings comparable to those achieved at Alder Flats can be repeated in the Willesden Green and Lodgepole areas, our belief that the Cardium represents an opportunity to create repeatable and sustainable value creative investment programs, our intention to reallocate $40 million of capital to the play in the second half of 2013 and drill 14 additional wells, and our expectation that a continuous, even flow drilling approach will allow us to further improve our performance in the future; under "Play Update - Viking", our belief that further cost improvements are possible with pad drilling, continued refinement of our completion techniques and continuous improvement in our drilling performance, our intention to reallocate $47 million to this play in the second half with the expectation of drilling and completing 32 new wells, and our intention to evaluate down spacing in the core of the play for 2014 drilling and pursue the implementation of waterflood schemes to increase the recoveries and value from this play; under "Play Update - Spearfish", our belief that there are a significant number of further primary locations to pursue in the play, our intention to shift our activities to the assessment of waterflood schemes and other pressure maintenance opportunities to increase recoveries from the current estimate of approximately two percent, and our plan that capital previously planned for the area will be directed to the Cardium and Viking as we continue to study the results of our recent aggressive three-year drilling program in the Spearfish area; under "Play Update - Carbonates", our intention that for the remainder of 2013 our focus will be on the initiation of a waterflood pilot in the Otter area and preparation of integrated development programs across the Slave Point play for 2014 and beyond; and under "Play Update - Secondary Recovery", our confidence in the potential to increase recoveries and create incremental value from the application of waterflood and other enhanced oil recovery schemes, our plan that over the balance of 2013 and into 2014 we will implement or expand waterfloods in the Cardium and Slave Point, and will evaluate waterflood application to the Viking and Spearfish, and our expectation that as we focus on enhancing value and capital returns by increasing resource recoveries, a higher portion of our future capital programs will include upfront waterflood investments.

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; 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.

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 and political conditions in Canada, the U.S. and globally; industry conditions, including fluctuations in the price of oil and natural gas, price differentials for crude oil produced in Canada as compared to other markets, and transportation restrictions; royalties payable in respect of our oil and natural gas production and changes to government royalty frameworks; 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 regulatory, industry partner and other third-party consents and approvals when required, including for acquisitions, dispositions and mergers;  failure to realize the anticipated benefits of dispositions, acquisitions, joint ventures and partnerships; changes in tax and other laws that affect us and our securityholders; ; 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.


                             Penn West Petroleum Ltd.
                           Consolidated Balance Sheets

    (CAD millions, unaudited)             June 30, 2013      December 31, 2012

    Assets
    Current
                  Accounts receivable         $     368            $       364
                  Other                              64                     79
                  Deferred funding
                  assets                            118                    187
                  Risk management                    35                     76
                                                    585                    706
    Non-current
                  Deferred funding
                  assets                            250                    238
                  Exploration and
                  evaluation assets                 669                    609
                  Property, plant and
                  equipment                      10,869                 10,892
                  Goodwill                        2,020                  2,020
                  Risk management                    56                     26
                                                 13,864                 13,785
    Total assets                              $  14,449            $    14,491

    Liabilities and Shareholders'
    Equity
    Current
                  Accounts payable and
                  accrued liabilities         $     614            $       764
                  Dividends payable                 131                    129
                  Current portion of
                  long-term debt                     63                      5
                  Risk management                    37                      9
                                                    845                    907
    Non-current
                  Long-term debt                  3,062                  2,685
                  Decommissioning
                  liability                         639                    635
                  Risk management                    32                     35
                  Deferred tax
                  liability                       1,324                  1,350
                  Other non-current
                  liabilities                         7                      5
                                                  5,909                  5,617
    Shareholders' equity
                  Shareholders' capital           9,067                  8,985
                  Other reserves                     79                     97
                  Deficit                         (606)                  (208)
                                                  8,540                  8,874
    Total liabilities and
    shareholders' equity                      $  14,449            $    14,491




                                              Penn West Petroleum Ltd.
                                      Consolidated Statements of Income (Loss)

                                               Three months ended         Six months ended
                                                          June 30                  June 30
    (CAD millions, except per share
    amounts, unaudited)                           2013       2012          2013       2012

      Oil and natural gas sales               $    746    $   770      $  1,442    $ 1,659
      Royalties                                  (132)      (147)         (251)      (308)
                                                   614        623         1,191      1,351

      Risk management gain (loss)
        Realized                                   (1)          4             7       (15)
        Unrealized                                  34        363          (39)        300
                                                   647        990         1,159      1,636

    Expenses
      Operating                                    214        255           431        528
      Transportation                                 7          7            15         15
      General and administrative                    43         44            86         83
      Restructuring                                 13          -            13          -
      Share-based compensation                      16       (30)            24       (13)
      Depletion and depreciation                   270        306           549        618
      Gain on dispositions                           -       (23)             -       (95)
      Exploration and evaluation                     -          -             -          1
      Unrealized risk management (gain) loss         2         19           (3)       (23)
      Unrealized foreign exchange loss              64         35            93          4
      Financing                                     47         49            92         96
      Accretion                                     11         10            22         21
                                                   687        672         1,322      1,235
    Income (loss) before taxes                    (40)        318         (163)        401

      Deferred tax expense (recovery)                -         83          (26)        107

    Net and comprehensive income (loss)       $   (40)    $   235      $  (137)    $   294

    Net income (loss) per share
      Basic                                   $ (0.08)    $  0.50      $ (0.28)    $  0.62
      Diluted                                 $ (0.08)    $  0.50      $ (0.28)    $  0.62
    Weighted average shares
    outstanding (millions)
      Basic                                      484.6      474.3         483.2      473.5
      Diluted                                    484.6      474.4         483.2      473.6




                                Penn West Petroleum Ltd.
                         Consolidated Statements of Cash Flows

                                   Three months ended               Six months ended
                                              June 30                        June 30
    (CAD millions,
    unaudited)                     2013          2012           2013            2012

    Operating activities
          Net income
          (loss)                $  (40)       $   235        $ (137)         $   294
          Depletion and
          depreciation              270           306            549             618
          Gain on
          dispositions                -          (23)              -            (95)
          Exploration and
          evaluation                  -             -              -               1
          Accretion                  11            10             22              21
          Deferred tax
          expense
          (recovery)                  -            83           (26)             107
          Share-based
          compensation                5          (30)              8            (18)
          Unrealized risk
          management loss
          (gain)                   (32)         (344)             36           (323)
          Unrealized
          foreign
          exchange loss              64            35             93               4
          Decommissioning
          expenditures              (7)          (15)           (25)            (39)
          Change in
          non-cash
          working capital          (72)            23           (65)            (56)
                                    199           280            455             514
    Investing activities
          Capital
          expenditures            (112)         (329)          (539)           (989)
          Property
          dispositions
          (acquisitions),
          net                        29            19             38             341
          Change in
          non-cash
          working capital         (112)         (131)           (94)           (139)
                                  (195)         (441)          (595)           (787)
    Financing activities
          Increase in
          bank loan                 100           260            343             469
          Issue of equity             -             -              2               3
          Dividends paid          (104)          (99)          (205)           (199)
                                    (4)           161            140             273

    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
                                   Capital    Reserves     Deficit       Total

    Balance at
    January 1, 2013              $   8,985     $    97     $ (208)     $ 8,874
    Net and
    comprehensive
    loss                                 -           -       (137)       (137)
    Share-based
    compensation                         -           8           -           8
    Issued on
    exercise of
    options and
    share rights                        28        (26)           -           2
    Issued to
    dividend
    reinvestment
    plan                                54           -           -          54
    Dividends
    declared                             -           -       (261)       (261)
    Balance at June
    30, 2013                     $   9,067     $    79     $ (606)     $ 8,540

    (CAD millions,           Shareholders'       Other    Retained
    unaudited)                     Capital    Reserves    Earnings       Total

    Balance at
    January 1, 2012              $   8,840     $    95     $   132     $ 9,067
    Net and
    comprehensive
    income                               -           -         294         294
    Share-based
    compensation                         -          17           -          17
    Issued on
    exercise of
    options and
    share rights                        21        (18)           -           3
    Issued to
    dividend
    reinvestment
    plan                                56           -           -          56
    Dividends
    declared                             -           -       (256)       (256)
    Balance at June
    30, 2012                     $   8,917     $    94     $   170     $ 9,181



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 9:00am Mountain Time (11:00am Eastern Time) on Thursday, August 8, 2013.

To listen to the conference call, please call 647-427-7450 or 1-888-231-8191 (toll-free). This call will be broadcast live on the Internet and may be accessed directly at the following URL: http://event.on24.com/r.htm?e=662540&s=1&k=7C51AB755D519A86E91ACDD6834B5428

A digital recording will be available for replay two hours after the call's completion, and will remain available until August 22, 2013 21:59 Mountain Time (23:59 Eastern Time). To listen to the replay, please dial 416-849-0833 or 1-855-859-2056 (toll-free) and enter Conference ID 21336235, followed by the pound (#) key.

For further information:


PENN WEST EXPLORATION
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 


Clayton Paradis, Manager, Investor Relations
Phone:  +1-403-539-6343
E-mail: clayton.paradis@pennwest.com

SOURCE Penn West Exploration




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