DRIP Overview

TERMINATION OF DIVIDEND REINVESTMENT PLAN ("DRIP")

The Board has decided to terminate the Penn West's DRIP, which had been suspended since December 2014, pursuant to the terms and conditions set forth in the DRIP. All Participants (as defined in the DRIP) effective as of the termination date, will be issued a certificate for any shares and a cheque for any cash balance remaining in the Participants’ account as soon as practicable.

Dividend Reinvestment and Optional Share Purchase Plan

Penn West offers a convenient method for Canadian and U.S. residents to reinvest cash dividends and, for Canadian residents, to invest additional funds into new shares with the Dividend Reinvestment and Optional Share Purchase Plan (the "Plan").

Benefits of the Plan include:
  • Existing Canadian and U.S. resident shareholders can purchase new shares of the Company each quarter by automatically reinvesting cash dividends at a 5% discount off the average market price(1).
  • Canadian resident shareholders who enroll in the Plan can also make optional cash payments each quarter to purchase additional shares, potentially at an average market price(2) to balance swings in the market price. The optional cash payments can be a minimum of $500 up to a maximum of $15,000.
  • No commissions, service charges or brokerage fees payable in conjunction with the Plan(3).

If your shares are held through a broker, investment dealer or other financial intermediary, you must direct that company to enroll your shares into the Plan.

For more information, please see DRIP FAQs.

Historical DRIP Prices:

Please note, the DRIP plan is currently only available to residents of Canada and the U.S.

The Optional Share Purchase Plan is only available to residents of Canada.

2014
Dividend Quarter Reinvestment Price   Optional Share Purchase Price** ($CDN)
($CDN) ($US)*
Q4 (January) $2.0080 $1.7309   $2.1137
Q3 (October) $6.2000 $5.5317   $6.5263
Q2 (July) $9.4695 $8.8700   $9.9679
Q1 (April) $9.0012 $8.1434   $9.4750

* U.S. residents please note - if your distribution reinvestment price differs from Penn West's stated price, please contact your broker.
** Penn West's Optional Share Purchase Plan is only available to Canadian residents.


To obtain more information, please contact our Investor Relations Department at 1-888-770-2633 or by e-mail at investor_relations@pennwest.com.

(1) While Penn West expects it will issue shares from Treasury at a discount to satisfy the dividend reinvestment component of the Plan, Penn West reserves the discretion to issue shares from treasury or to obtain them on the open market. The 5% discount and average market price are only available when Penn West issues shares from treasury. **The average market price is only available when Penn West issues shares from treasury to satisfy the optional share unit purchase component of the Plan.

(2) The average market price is only available when Penn West issues shares from treasury to satisfy the optional share purchase component of the Plan.

(3) Brokerages may sometimes charge their own fee, so please inquire with your own brokerage house. You will pay no fees if the shares are registered in your own name.