CALGARY, May 26, 2017 /CNW/ - 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."
Corporate Presentation
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
|
Associated Meeting Materials
Shareholders are reminded to review the management information
circular (the "Circular") prior to voting as the Circular
has been prepared to help you make an informed decision.
The meeting materials (including the Circular) can be viewed
online through the Company's website www.pennwest.com, its profile
on www.sedar.com or www.sec.gov and at the following internet
address: www.meetingdocuments.com/cst/pwt.
You can also call our proxy solicitation agent, Kingsdale
Advisors, at 1-800-775-1986 (toll-free within North America) or 416-867-2272 (collect call
outside North America) if you have
any questions or concerns.
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",
"budget", "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: asking
shareholders to approve the proposed name change at the scheduled
Annual and Special Meeting of the Company; that the new name and
set of principles will guide us as we move forward; that we will be
proud to take the name and what it means for us; that we are
positioned with the right assets, people and organizational
structure to succeed in the current commodity price environment;
and that at the analyst day in the coming weeks and at the upcoming
Annual and Special Meeting, we will give the public a more detailed
review of our portfolio.
With respect to forward-looking statements contained in this
document, we have made assumptions regarding, among other things:
the Annual and Special Meeting will occur on the scheduled day or
within the allowable time frame for a postponement of adjournment;
that the analyst day will occur in the coming weeks; that the
shareholders will approve the name change and the Company can
proceed as Obsidian Energy; and that we will continue to have the
same assets, people and organizational structure moving forward in
this pricing environment.
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 forward-looking
statements contained herein will not be correct, 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.
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 any forward-looking statements. The
forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
SOURCE Penn West