Dividend Payments

As announced in our September 1, 2015 news release, our Board of Directors has decided to suspend our dividend until further notice following the payment on October 15, 2015 of the most recently declared dividend. The $0.01 per share dividend declared by our Board of Directors on July 30, 2015 will still be paid on October 15, 2015 to shareholders of record at the close of business on September 30, 2015.


Eligible Dividends for Canadian Tax Purposes

Penn West Petroleum Ltd. hereby advises all shareholders that, effective from January 1, 2011, all dividends paid on its common shares will be designated as "eligible dividends" for Canadian income tax purposes. This designation will apply until a notification of a change is posted on this website.

2011 Corporate Conversion
On January 1, 2011 Penn West Petroleum Ltd. converted from an income trust into an exploration and production company, with Penn West now operating under the trade name Penn West. Following the conversion, shareholders received one (1) common share of Penn West (TSX: PWT, NYSE: PWE) in exchange for each Penn West trust unit. The conversion was considered to be a tax-deferred event. The first quarterly dividend of Penn West was paid on April 15, 2011.

2005 Income Trust Conversion
NYSE: PWE in exchange for each Penn West common share. This conversion generally resulted in a unitholder resident in Canada realizing a capital gain (or a capital loss) which was equal to the amount the deemed capital disposition of $84.77* exceeding (or is less than) the aggregate of the unitholder's adjusted cost base of the common shares which were ultimately exchanged for trust units and any reasonable cost of disposition. The first distribution of the Trust was July 15, 2005.

* Capital disposition was based on the three day average share price prior to May 27, 2005 the date of shareholder approval of the plan of arrangement.


Ex-Div. Date Record Date Payment Date Amount
03/27/2015 03/31/2015 04/15/2015 $0.01
06/26/2015 06/30/2015 07/15/2015 $0.01
09/28/2015 09/30/2015 10/15/2015 $0.01
Ex-Div. Date Record Date Payment Date Amount
03/27/2014 03/31/2014 04/15/2014 $0.14
06/26/2014 06/30/2014 07/15/2014 $0.14
09/26/2014 09/30/2014 10/15/2014 $0.14
12/29/2014 12/31/2014 01/15/2015 $0.14
Ex-Div. Date Record Date Payment Date Amount
03/26/2013 03/28/2013 04/15/2013 $0.27
06/26/2013 06/28/2013 07/15/2013 $0.27
09/26/2013 09/30/2013 10/15/2013 $0.14
12/27/2013 12/31/2013 01/15/2014 $0.14
Ex-Div. Date Record Date Payment Date Amount
03/28/2012 03/30/2012 04/13/2012 $0.27
06/27/2012 06/29/2012 07/13/2012 $0.27
09/26/2012 09/28/2012 10/15/2012 $0.27
12/27/2012 12/31/2012 01/15/2013 $0.27
Ex-Div. Date Record Date Payment Date Amount
03/29/2011 03/31/2011 04/15/2011 $0.27
06/28/2011 06/30/2011 07/15/2011 $0.27
09/28/2011 09/30/2011 10/14/2011 $0.27
12/28/2011 12/31/2011 01/13/2012 $0.27


* The Record Date is the date unitholders must be on record as unitholders in order to receive that month's distribution.



We are pleased to offer you the option of receiving your Penn West quarterly dividend payments by direct deposit to your Canadian bank account. If you have a Canadian bank account and would prefer to have your Penn West dividend payments deposited directly into your account instead of receiving a cheque in the mail, please complete the Application for Direct Deposit Form below and attach a sample cheque marked "void." Return both to our Transfer Agent at the following address:


CST Trust Company
PO Box 700, Station B
Montreal, Quebec H3B 3K3