Penn West Petroleum Ltd. (“Penn West” or the “Company”) endeavors to provide accurate and current information at this website. However, all such information and software algorithms are provided "as is" and "as available". The website content may not always be the most current source for company information. Penn West does not warrant or make any representations or claims as to the validity, correctness, currency, timeliness, or completeness of the information provided at this website, nor shall it be liable or responsible for any claim or damage, direct or consequential, arising out of the interpretation, reliance upon or other use of such information. Penn West reserves the right to add, modify or delete any information at this website at any time without notice. In consideration for using our website, you agree to hold Penn West and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website.
MATERIAL CONTAINED IN THIS WEBSITE IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE AN OFFERING OF SECURITIES IN ANY JURISDICTION.
Information disclosed under the corporate and securities laws of those Canadian jurisdictions applicable to Penn West is not intended to be in any way qualified, amended, modified or supplemented by the information otherwise available in, through or on this website. Due to the technical and security risks inherent in the Internet, and because the document you access may differ from the original depending on your browser software, the information set out in this website should not be used for the purpose of making investment decisions with respect to Penn West common shares. If you are contemplating trading in our securities, you should contact Penn West’s Investor Relations department to obtain printed copies of the documents you wish to review.
In addition, the information and materials available on this website are not intended to provide specific legal, accounting, financial, investing or tax advice to any user, and any decisions you make based on information contained in this website are your sole responsibility. If any document version that has been filed in accordance with applicable securities laws, that filed document is the official version of Penn West’s disclosure document. No information contained in this website constitutes or should be deemed to constitute an invitation to invest or otherwise deal in the securities of Penn West or an invitation by or on behalf of Penn West to enter into an agreement with you.
All monetary amounts mentioned in this website are in Canadian dollars unless otherwise noted.
This website contains certain forward-looking statements (forecasts) under applicable securities laws relating to future events or future performance. Forward-looking statements are necessarily based upon assumptions and judgements with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather, the regulatory and legal environment and other risks associated with oil and gas operations. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “projects”, “plans”, “anticipates” and similar expressions. These statements represent management’s expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of the Company. Undue reliance should not be placed on these forward-looking statements which are based upon management’s assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.
In particular, this website contains forward looking statements pertaining to the following:
• the performance characteristics of the Company’s oil and natural gas properties;
• oil and natural gas production levels;
• capital expenditure programs;
• the quantity of the Company’s oil and natural gas reserves and anticipated future cash flows from such reserves;
• projections of commodity prices and costs;
• supply and demand for oil and natural gas;
• expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development;
• and treatment under governmental regulatory regimes.
The material assumptions in making these forward-looking statements include certain assumptions disclosed in the Company’s most recent management’s discussion and analysis included in the material available on this website.
The Company’s actual results could differ materially from those anticipated in the forward looking statements contained throughout this website as a result of the material risk factors set forth below, and elsewhere in this website:
• volatility in market prices for oil and natural gas;
• liabilities inherent in oil and natural gas operations;
• uncertainties associated with estimating oil and natural gas reserves;
• competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;
• incorrect assessments of the value of acquisitions and exploration and development programs;
• geological, technical, drilling and processing problems;
• fluctuations in foreign exchange or interest rates and stock market volatility;
• failure to realize the anticipated benefits of acquisitions;
• general business and market conditions;
• changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry;
• and the other factors discussed herein and in the Company’s most recent annual information form.
These factors should not be construed as exhaustive. Unless required by law, Penn West does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
In the material available on this website, and the documents incorporated by reference herein, the Company uses certain terms which do not have any standardized meaning as prescribed by Canadian generally accepted accounting principles (“GAAP”), such as earnings before interest, tax, depreciation and amortization ("EBITDA"), funds flow, funds flow from operations, funds flow from operations per share, funds flow from operations per share-diluted, netback, net debt, net working capital (surplus)/deficit, market capitalization and total capitalization. As such, they may not be comparable with the calculation of similar measures presented by other issuers.
Certain natural gas volumes have been converted to barrels of oil equivalent (“boe”) or thousands of boe (“mboe”). boe or mboe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent value equivalency at the well head.