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Penn West Energy Trust

Published : May 07th, 2008

Announces its results for the first quarter ended March 31, 2008

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Attention Business/Financial Editors:

Penn West announces its results for the first quarter ended March 31, 2008

     CALGARY, May 6 /CNW/ - (TSX - PWT.UN; NYSE - PWE) Penn West Energy Trust
("Penn West") is pleased to announce its results for the first quarter ended
March 31, 2008 with the Canetic and Vault operations included from mid-January
     Canetic and Vault Closings
     -   Production for the first quarter of 2008 was approximately
         201,800 boe(1) per day including the Canetic Resources Trust
         ("Canetic") and Vault Energy Trust ("Vault") assets from January 1,
         2008. Production consisted of approximately 114,177 barrels per day
         of crude oil and NGL and 526 mmcf per day of natural gas.
     -   Penn West Energy Trust closed its acquisitions of Canetic on
         January 11, 2008 and Vault on January 10, 2008. The reported results
         of operations and funds flow(2) include the Canetic and Vault assets
         from these closing dates forward.
     -   Reported production averaged 192,291 boe per day in the first quarter
         of 2008 compared to 128,024 boe per day in the fourth quarter of
     -   Reported crude oil and NGL production averaged 109,016 barrels per
         day and natural gas production averaged approximately 500 mmcf per
         day in the first quarter of 2008.
     -   Capital expenditures excluding corporate acquisitions totalled
         $278 million including $4 million of net asset dispositions and we
         drilled 115 net wells in the first quarter with a success rate of
         96 percent.
     -   Funds flow of $632 million ($1.76 per unit-basic (2)) in the
         first quarter of 2008 was 81 percent higher than funds flow of
         $349 million ($1.44 per unit-basic) realized in the fourth quarter of
         2007. With the Canetic and Vault assets included from January 1, 2008
         pro forma funds flow for the first quarter of 2008 was $653 million
         ($1.74 per unit-basic).
     -   Net income in the first quarter of 2008 was $78 million ($0.22 per
         unit-basic) compared to net income of $127 million ($0.53 per unit-
         basic) in the fourth quarter of 2007, which included $106 million of
         one-time future income tax recoveries related to tax rate reductions.
     -   Netbacks(2) of $40.57 per barrel of oil equivalent were 37 percent
         higher than the first quarter of 2007.
     (1) Please see "Oil and Gas Information Advisory" below for information
         regarding the term "boe".
     (2) The terms "funds flow", "funds flow per unit-basic" and "netbacks"
         are non-GAAP measures. Please see "Non-GAAP Measures Advisory"
         and "Calculation of Funds Flow" below.
     -   Penn West's Board of Directors recently resolved to keep the Trust's
         distribution level at $0.34 per unit, per month, for the months of
         May, June and July based on current forecasts of commodity prices,
         production levels and planned capital expenditures.
     Commodity Environment
     -   The price of crude oil continues to set record highs. Demand growth
         in Asia and several OPEC countries continues at historically high
         levels while supply growth remains behind the pace of demand growth.
         The net result is greater reliance on OPEC's unutilized capacity,
         which is expected to become further strained as the year progresses.
     -   Heavy oil differentials have narrowed substantially in the first
         quarter of 2008 compared to fourth quarter 2007, but remain wider
         than the first quarter of 2007.
     -   Natural gas prices began to rebound in the first quarter of 2008. The
         past winter started with the largest North American natural gas
         inventory levels in history. The second half of winter was colder
         than recent years resulting in a rapid erosion of inventory levels.
         Also contributing to the inventory decrease was a year-over-year
         reduction in liquefied natural gas ("LNG") imports as cold weather
         and unscheduled downtime at several nuclear power plants overseas
         drew more LNG than expected away from North American markets.
     Alberta Royalty Update
     -   The new royalty framework continues to be under review with the
         objective of avoiding "unintended consequences" of the plan. In April
         2008, the Government of Alberta announced a new program supporting
         producers in the development of deep oil and gas reserves that would
         have been uneconomic under the new framework. These incentives apply
         to oil exploration wells deeper than 2,000 metres and gas exploration
         and development wells deeper than 2,500 metres.
     -   On April 30, 2008, the Company priced the issuance of US$480 million
         and CAD$30 million of proposed senior unsecured notes on a private
         placement basis primarily in the United States maturing in eight to
         12 years, and bearing interest at 6.12 percent to 6.40 percent with
         an average rate of approximately 6.25 percent. The note issuance is
         expected to close on or about May 29, 2008 and the Company expects to
         apply the proceeds to the repayment of bank debt.
                                                  Three months ended March 31
                                                 2008        2007    % change
     (millions, except per unit amounts)
     Gross revenues(1)                      $   1,136   $     582          95
     Funds flow                                   632         311         103
       Basic per unit                            1.76        1.31          34
       Diluted per unit                          1.75        1.30          35
     Net income                                    78          96         (19)
       Basic per unit                            0.22        0.41         (46)
       Diluted per unit                          0.22        0.40         (45)
     Total expenditures, net                      278         216          29
     Long-term debt at period-end(2)            3,639       1,402         160
     Distributions paid(3)                  $     337   $     242          39
     Daily production
       Natural gas (mmcf/d)                       500         340          47
       Light oil and NGL (bbls/d)              81,678      49,106          66
       Heavy oil (bbls/d)                      27,338      22,610          21
     Total production (boe/d)                 192,291     128,447          50
     Average sales price
       Natural gas (per mcf)                $    7.98   $    7.59           5
       Light oil and NGL (per bbl)              88.77       59.49          49
       Heavy oil (per bbl)                      66.64       41.03          62
     Netback per boe
       Sales price                          $   68.35   $   50.08          36
       Risk management                          (3.41)       0.29        (100)
       Net sales price                          64.94       50.37          29
       Royalties                                12.25        9.63          27
       Operating expenses                       11.64       10.70           9
       Transportation                            0.48        0.53          (9)
       Netback                              $   40.57   $   29.51          37
     (1) Gross revenues include realized gains and losses on commodity
     (2) Excluding convertible debentures assumed on the Canetic and Vault
     (3) Includes distributions paid prior to those reinvested in trust units
         under the distribution reinvestment plan.
                                                  Three months ended March 31
                                                 2008                    2007
                                    Gross         Net       Gross         Net
     Natural gas                       81          42          49          21
     Oil                               78          46          53          37
     Dry                                4           4           4           3
                                      163          92         106          61
     Stratigraphic and service         23          23          15          15
     Total                            186         115         121          76
     Success rate(1)                              96%                     95%
     (1) Success rate is calculated excluding stratigraphic and service wells.
                                                               As at March 31
                                                 2008        2007    % change
     Gross acres (000s)                         4,804       3,996          20
     Net acres (000s)                           3,927       3,577          10
     Average working interest                     82%         90%          (9)
                                                  Three months ended March 31
                                                             2008        2007
     Wells drilled on farm-out lands(1)                        33          90
     (1) Wells drilled on Penn West lands, including re-completions and re-
         entries, by independent operators pursuant to farm-out agreements.
                                                        Net wells  land as at
                                                      drilled for    March 31,
                                                        the three        2008
                                                     months ended  (thousands
                                                         March 31,     of net
     Core Area                                               2008       acres)
     Gas                                                       35       1,791
     Light oil                                                 27       1,097
     Heavy oil                                                 53       1,039
                                                              115       3,927
                                                  Three months ended March 31
     (millions of units)                         2008        2007    % change
     Weighted average
       Basic                                    359.5       237.4          51
       Diluted                                  361.2       239.7          51
     Outstanding as at March 31
       Basic                                    374.9       238.0          58
       Basic plus trust unit rights             399.9       252.7          58
     On January 11, 2008, Penn West issued approximately 124.3 million trust
units on the closing of the Canetic acquisition and approximately 5.6 million
units on the closing of the Vault acquisition on January 10, 2008.
                           Letter to our Unitholders
     The first quarter of 2008 was a time of great activity throughout Penn
West. Our asset base expanded considerably in mid-January as we closed the
acquisitions of Canetic Resources Trust ("Canetic") and Vault Energy Trust
("Vault"). While certainly not without challenges, we have been pleased with
the integration process to date and are comfortable that the successes seen
throughout the first quarter will continue. Operationally, Penn West executed
a $278 million capital development program during the first quarter and
drilled a total of 115 net wells at costs lower than budgeted.
     Pro forma production for the quarter, with Canetic and Vault included
from January 1, 2008 averaged 201,800 barrels of oil equivalent ("boe") per
day, in-line with our expectations particularly given the cold weather
experienced throughout February. Average operating netbacks were robust at
$40.57 per boe compared to $29.51 per boe in the first quarter of 2007.
Netbacks from light oil and natural gas liquids reached $49.82 per boe, which
was an increase of 47 percent year-over-year. Much of this increase can be
attributed to recent record commodity prices, which have continued to rise
subsequent to quarter end. Funds flow, with Canetic and Vault included
post-close was $632 million ($1.76 per unit basic) in the first quarter of
2008, 103 percent higher than in the same quarter of 2007. Our distribution
payout ratio in the first quarter of 2008 was below our targeted 60 percent.
     The forecasted 2008 capital development budget of $960 million includes
approximately $60 million for the Peace River Oil Sands, $65 million for CO2
and waterflood improvements, $170 million for optimization activities and
$50�million for environmental activities. Current guidance is for pro forma
production volumes to average between 195,000 - 205,000 boe per day for 2008.
Using assumed commodity prices of US$107.00 per bbl WTI oil, $8.50 per GJ at
AECO for natural gas and an average CAD/USD exchange rate of par for 2008,
Penn West's funds flow is expected to be $2.7 billion to $2.9 billion for this
year. Should commodity prices remain reasonably close to the current forward
strip prices, our payout ratio would remain below our targeted range. This
lower payout ratio(1) would afford us the opportunity to apply additional
funds to debt repayment, adding strength to our balance sheet(2).
     In the first quarter of 2008, oil prices reached record highs in U.S.
dollar terms, and natural gas prices rallied. The Canadian dollar remained
relatively solid against the U.S. dollar while financial markets continue to
be volatile as longer-term bond yields remain at historically depressed
levels. Current commodity prices remain strong, and oil prices continue to
break record highs.
     Greenhouse gas emissions are increasingly moving to the fore of the
political agenda both federally and provincially. This signals a significant
step forward in our growing enhanced oil recovery ("EOR") programs as both
governments and CO2 emitters seek a means through which they can reduce the
amount of greenhouse gases released each year. We are actively working with
all stakeholders to secure appropriate and adequate CO2 sources for our
growing EOR projects. Bill Andrew has been appointed to sit on the Alberta
Carbon Capture and Storage Development Council. This council will develop
Alberta's plan to move ahead with carbon capture and storage projects
throughout Alberta by the fall of 2008.
     We will continue to focus on our potential, and follow a strategy that
facilitates future development of our extensive asset base. With our strong
track record in light oil, waterflood recovery and enhanced recovery, it
follows that we should look for similar light oil pools in other basins. As
well as offering opportunity to recapitalize and re-energize assets through
new ideas and technologies, we see these as structural options providing
improved portfolio and risk management, which are important for a producer of
our magnitude. Penn West exited the first quarter of 2008 with unprecedented
strength, including a suite of high-quality conventional and unconventional
projects with mid to long-term exploration, development and enhanced oil
recovery potential, industry-leading ownership of western Canada's largest
legacy light oil pools, and an enterprise value in excess of $15 billion. We
are committed to realizing the maximum value of Penn West for our unitholders.
     There were several key additions to the management team at Penn West
during the first quarter. Of note was the addition of Murray Nunns as
President and Chief Operating Officer. Mr. Nunns has 29 years of growth
oriented oil and natural gas experience, and brings to Penn West a long
history of consistent success as an exploration and operational executive.
Subsequent to the end of the quarter, Ms. Hilary Foulkes joined the management
team as Senior Vice President, Acquisitions and Divestitures. Ms. Foulkes
arrives at Penn West having spent the last eight years with one of the most
prominent oil and gas asset clearing houses in North America. Ms. Foulkes is a
professional geologist with more than 20 years experience in the oil and gas
industry. Her wealth of experience and keen insight into deal flow both here
in Canada as well as the U.S. will position Penn West to better capitalize on
opportunities as we seek to rationalize our extensive portfolio of assets.
     We continue to assess and apply new technology aimed at increasing
ultimate recovery rates to the largest portfolio of light oil properties in
the Western Canadian Sedimentary Basin. During the first quarter of 2008, we
drilled two vertical in-fill wells within the Pembina 'A' Lease pilot and
expect the Horizontal CO2 pilot construction at Pembina to be completed and
on-stream mid-second quarter of 2008. The CO2 pilot in South Swan Hills is
currently in the final stages of construction with an expected on-stream time
of early next quarter. Our pilot projects at Pembina and South Swan Hills
continue to enhance our long-term potential for enhanced light oil recovery
and sequestration of greenhouse gases using CO2 injection miscible flooding.
     Subsequent to the end of the first quarter, we took actions to diversify
our capital structure. On April 30, 2008 we announced a proposed offering of
notes to be issued on a private placement basis, primarily in the United
States, with an aggregate principal amount of US$480 million of guaranteed
senior notes plus $30 million in Canadian dollar denominated notes maturing
from eight to 12 years. We will use the proceeds of the notes to repay a
portion of our outstanding bank debt. We are focused on continuing to maintain
a strong and diversified balance sheet.
     On behalf of the board and staff of Penn West Energy Trust, we wish to
thank our unitholders for their continuing support of our initiatives to
unlock the value in our conventional assets and long-term projects. We would
also like to thank our staff for their commitment in building for the future
for continuing success.
     On behalf of the Board of Directors,
     (signed) "William E. Andrew"            (signed) "Murray R. Nunns"
     William E. Andrew                       Murray R. Nunns
     Chief Executive Officer                 President and Chief Operating
      and Director                            Officer
     Calgary, Alberta
     May 6, 2008
     (1) The term "payout ratio" is a non-GAAP measure. Please see "Non-GAAP
         Measures Advisory" below.
     (2) For further guidance explanations see "Outlook" below.
     This outlook section is included to provide unitholders with information
as to management's expectations as at May 6, 2008 for production, funds flow
and net capital expenditures for 2008 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 disclaimers under "Forward-Looking Statements".
     Oil prices reached record levels during the first quarter of 2008 and
have strengthened further since March 31, 2008. The outlook for natural gas
prices has improved leading to significant increases in our 2008 forecast
prices for both commodities. We continue to expect the Canadian dollar will
remain strong compared to the U.S. dollar for the remainder of 2008. Including
the Canetic and Vault acquisitions, Penn West continues to forecast 2008
production of between 195,000 boe per day and 205,000 boe per day. Based on an
average forecast WTI oil price of US$107.00 per barrel, an average $8.50 per
GJ natural gas price at AECO and an average CAD/USD exchange rate of par for
2008, our funds flow forecast for 2008, as at May 6, 2008, is between $2.7
billion and $2.9 billion ($7.15 to $7.70 per unit-basic). Consistent with our
budget, we continue to estimate 2008 net capital expenditures of approximately
$960 million. In addition, other components of funds flow have been modestly
adjusted to reflect experience gained to date in 2008.
     Our prior forecast, released on February 22, 2008, was based on a
commodity price forecast for 2008 of WTI oil price of US$80.00 per barrel, an
AECO natural gas price of $6.75 per GJ and a CAD/USD exchange rate of par. At
that time, based on those prices, we forecasted funds flow between $2.0
billion and $2.1 billion ($5.30 to $5.57 per unit-basic).
     Non-GAAP Measures Advisory
     The above information includes non-GAAP measures not defined under
generally accepted accounting principles ("GAAP"), including funds flow,
netback and payout ratio. Non-GAAP measures do not have any standardized
meaning prescribed by GAAP and are therefore unlikely to 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 asset
retirement expenditures. Funds flow is used to assess the ability to fund
distributions and planned capital programs. Netback or netbacks is a
per-unit-of-production measure of operating margin used in capital allocation
decisions. Operating margin is calculated as revenue less royalties and
operating costs. Payout ratio represents distributions divided by funds flow
and is used to assess the adequacy of funds flow remaining to fund capital
     Calculation of Funds Flow
                                                  Three months ended March 31
     (millions, except per unit amounts)                     2008        2007
     Cash flow from operating activities                $     367   $     296
     Increase in non-cash working capital                     251           5
     Asset retirement expenditures                             14          10
     Funds flow                                         $     632   $     311
     Basic per unit                                     $    1.76   $    1.31
     Diluted per unit                                   $    1.75   $    1.30
     Oil and Gas Information Advisory
     Barrels of oil equivalent (boe) are based on six mcf of natural gas
equalling one barrel of oil (6:1). This could be misleading if used in
isolation as it is based on an energy equivalency conversion method primarily
applied at the burner tip and does not represent a value equivalency at the
     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",
"potential", "target" and similar words suggesting future events or future
performance. In addition, statements relating to "reserves" or "resources" are
deemed to be forward-looking statements as they involve the implied
assessment, based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated and can be
profitably produced in the future. In particular, this document contains
forward-looking statements pertaining to, without limitation, the following:
our intention to issue additional senior unsecured notes, including the
principal amount thereof, the material terms thereof, the timing thereof and
the anticipated use of proceeds derived therefrom; the nature and quality of
our assets and our ability to successfully develop those assets; the long-term
exploration, development and enhanced oil recovery potential of our
conventional and unconventional projects; the possibility of expanding our
asset base beyond the western Canadian sedimentary basin and the benefits to
be derived from such an expansion; our intention to rationalize certain
assets; our ability to successfully apply new technology to increase recovery
rates on our light oil properties and sequester greenhouse gases in the
process; our business strategies and plans, including the timing for putting
certain carbon dioxide pilot projects on stream; future distribution levels;
the information set forth under the heading "Outlook" and elsewhere herein
regarding management's current expectations as to commodity prices,
U.S./Canadian dollar exchange rates, production volumes, funds flow and net
capital expenditures for 2008, including the intended allocation of capital
expenditures; our anticipated payout ratio for 2008 and how we will apply
excess funds flow that is not distributed to unitholders; our ability to
replicate the success we experienced during the first quarter; our ability to
secure carbon dioxide sources for our enhanced oil recovery projects.
     With respect to forward-looking statements contained in this document, we
have made assumptions regarding, among other things: that we will close our
proposed issuance of senior unsecured notes on substantially the same terms
and within substantially the same time frame as disclosed herein, and that we
will use the proceeds therefrom in the manner disclosed herein; future oil and
natural gas prices and differentials between light, medium and heavy oil
prices; future capital expenditure levels; future oil and natural gas
production levels; future exchange rates; the amount of future cash
distributions that we intend to pay; the cost of expanding our property
holdings; our ability to obtain equipment in a timely manner to carry out
development activities; our ability to market our oil and natural gas
successfully to current and new customers; the impact of increasing
competition; our ability to obtain financing on acceptable terms; and our
ability to maintain existing production levels and add production and reserves
through our development and exploitation activities.
     Although Penn West believes 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 Penn West's 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: a delay in closing or the failure to close our proposed private
placement of senior unsecured notes, or the issuance of such notes on less
favourable terms than contemplated herein; volatility in market prices for oil
and natural gas; 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 conditions in Canada, the U.S. and globally;
industry conditions, including fluctuations in the price of oil and natural
gas; royalties payable in respect of our oil and natural gas production;
changes in government regulation of the oil and natural gas industry,
including environmental regulation; fluctuations in foreign exchange or
interest rates; unanticipated operating events that can reduce production or
cause production to be shut-in or delayed; failure to obtain industry partner
and other third-party consents and approvals when required; stock market
volatility and market valuations; OPEC's ability to control production and
balance global supply and demand of crude oil at desired price levels;
political uncertainty, including the risks of hostilities, in the petroleum
producing regions of the world; the need to obtain required approvals from
regulatory authorities from time to time; failure to realize the anticipated
benefits of acquisitions, including the acquisition of Vault Energy Trust and
Canetic Resources Trust; changes in tax laws; changes in the Alberta royalty
framework; uncertainty of obtaining required approvals for acquisitions and
mergers; and the other factors described in Penn West's public filings
(including our Annual Information Form) available in Canada at
and in the United States at Readers are cautioned that this list
of risk factors should not be construed as exhaustive.
     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, 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. The forward-looking statements
contained in this document are expressly qualified by this cautionary
     Investor Information
     Penn West trust units and debentures are listed on the Toronto Stock
Exchange under the symbols PWT.UN, PWT.DB.A, PWT.DB.B, PWT.DB.C, PWT.DB.D,
PWT.DB.E and PWT.DB.F and Penn West trust units are listed on the New York
Stock Exchange under the symbol PWE.
     A conference call will be held to discuss Penn West's results at 9:00
a.m. Mountain Daylight Time, 11:00 a.m. Eastern Daylight Time, on May 7, 2008.
The North American conference call number is 866-250-4907 toll-free or
416-646-3095 in the Toronto area. A taped recording will be available until
May 14, 2008 by dialing 877-289-8525 or 416-640-1917 and entering pass code
21267696 followed by the pound sign. This call will be broadcast live on the
Internet and may be accessed directly on the Penn West website or at the following URL:"17380.
     Penn West expects to file its Management's Discussion and Analysis and
unaudited interim financial statements on SEDAR and EDGAR shortly.
     %SEDAR: 00022266E
     %CIK: 0001334388
For further information: PENN WEST ENERGY TRUST, Suite 2200, 425 - First
Street S.W., Calgary, Alberta, T2P 3L8, Phone: (403) 777-2500, Fax: (403)
777-2699, Toll Free: 1-866-693-2707, Website:; Investor
Relations: Toll Free: 1-888-770-2633, E-mail:; William Andrew, CEO, Phone: (403)
777-2502, E-mail:; Jason Fleury, Manager, Investor
Relations, Phone: (403) 539-6343, E-mail:

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Penn West Energy Trust

ISIN : CA7078871059
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Penn West Energy Trust is a and oil producing company based in Canada.

Penn West Energy Trust holds various exploration projects in Canada.

Its main exploration property is SWAN HILLS in Canada.

Penn West Energy Trust is listed in United States of America. Its market capitalisation is US$ 80.7 millions as of today (€ 73.8 millions).

Its stock quote reached its highest recent level on May 29, 2009 at US$ 9.98, and its lowest recent point on April 01, 2020 at US$ 0.15.

Penn West Energy Trust has 504 340 988 shares outstanding.

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Financings of Penn West Energy Trust
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6/16/2016Penn West Announces Annual and Special Meeting of Shareholde...
6/10/2016Penn West Announces $1.1 Billion In Asset Sales, Including T...
5/16/2016Penn West Announces its Financial and Operational Results fo...
5/16/2016Penn West reports 1Q loss
5/3/2016Penn West Announces Conference Call Details To Discuss Its R...
4/18/2016Penn West Announces the Closing of the Sale of Slave Point a...
3/21/2016Penn West Announces the Sale of Slave Point and Non-core Ass...
3/10/2016Penn West reports 4Q loss
1/28/2016Penn West Announces Operational Update, 2016 Capital Budget ...
1/5/2016Penn West Receives Continued Listing Standard Notification F...
1/5/20166:32 am Penn West Energy receives non-compliance notice from...
12/23/2015Where Opportunity is Found - Research Reports on Xueda Educa...
11/28/2015Investors Are Losing Confidence In Black Box Corporation (BB...
11/25/2015Is Credit Suisse High Yield Bond Fund (ETF) (DHY) A Good Sto...
11/5/2015Penn West reports 3Q loss
11/5/2015Penn West says asset sales will help maintain debt covenant
11/5/20156:43 am Penn West Energy beats by $0.26, beats on revs
11/5/2015Penn West Announces its Financial and Operational Results fo...
10/1/2015Penn West Announces The Sale Of Its Non-Operated 9.5% Workin...
9/15/2015Penn West announces sale of Mitsue properties for $192.5 mil...
9/10/2015SolarEdge Technologies, Compania de Minas Buenaventura, Cres...
9/9/2015Caught by Oil's Steep Fall, Canadian Producers Cut Dividend
9/8/2015Penn West Receives Continued Listing Standard Notification F...
9/1/2015Penn West, ConocoPhillips cut combined 900 jobs in Canada
9/1/2015Penn West Petroleum lowers capex, suspends dividend, to cut ...
9/1/2015Penn West Announces Further Actions In Response To Current C...
7/30/2015Penn West Announces 2015 Third Quarter Dividend
7/30/2015Penn West Announces Its Financial And Operational Results Fo...
7/30/2015Penn West reports 2Q loss
7/23/2015Penn West Announces Conference Call Details To Discuss Its R...
4/22/2015Penn West Announces Conference Call Details To Discuss Its R...
4/15/2015Canada Stocks to Watch: Penn West, Freehold, Ballard and mor...
4/14/2015Canada's Penn West to sell land, royalties to Freehold for C...
4/14/2015Penn West Announces $321 Million Sale of Royalties
4/2/2015NYSE stocks posting largest percentage increases
3/17/2015Baupost Group Added Stake in Bellatrix Exploration
3/15/2015Penn West Announces its Financial and Operational Results fo...
3/12/2015Penn West Confirms Filing of its 2014 Year End Disclosure Do...
3/12/2015Penn West Announces 2015 First Quarter Dividend
3/12/2015Penn West Announces its Financial and Operational Results fo...
3/10/2015Penn West Announces Conference Call Details to Discuss its R...
1/19/2015Penn West to present at CIBC Whistler Institutional Investor...
12/17/2014Penn West Announces A Reduction in its 2015 Capital Budget a...
12/1/2014Penn West Announces the Closing of the $355 Million Non-Core...
11/17/2014Penn West Announces Details of its 2015 Capital Budget and L...
11/10/2014Penn West Announces Conference Call Details to Discuss its 2...
11/5/2014Penn West Announces 2014 Fourth Quarter Dividend
11/5/2014Penn West Announces its Financial Results for the Third Quar...
10/29/2014Penn West Announces Appointment of Mr. Raymond D. Crossley t...
10/28/2014Penn West Announces Conference Call Details to Discuss its R...
10/23/2014Penn West Announces $355 Million Non-Core Asset Disposition
7/30/2014Twitter and DreamWorks are big market movers
4/24/2014Penn West Announces Conference Call Details to Discuss its R...
12/20/2013Announces the Closing of $486 million of Non-Core Asset Dive...
11/6/2013Announces 2013 Fourth Quarter Dividend
11/6/2013Announces the Results of its Board Strategic Review Process,...
8/8/2013Exploration Announces its Financial Results for the Second Q...
8/8/2013Exploration Announces 2013 Third Quarter Dividend
8/8/2013Exploration Announces Results of Contingent Resources Studie...
7/5/2013Exploration announces the resignation of Mr. Allan Markin
5/2/2013Exploration announces its financial results for the first qu...
5/2/2013Exploration Announces 2013 Second Quarter Dividend
2/14/2013Exploration Announces 2013 First Quarter Dividend
2/14/2013Exploration Announces its Financial Results for the Fourth Q...
11/6/2012Announces Changes in Senior Management
11/2/2012Exploration Announces Its Financial Results for the Third Qu...
10/19/2012Provides 2012 Investor Day Webcast Playback
8/10/2012Exploration Announces its Financial Results for the Second Q...
5/4/2012Exploration announces its financial results for the first qu...
2/16/2012Exploration Announces its Financial Results for the Fourth Q...
1/30/2012North American Oil and Gas Boom Benefits Linn Energy and Pen...
5/26/2011Exploration ("Penn West") Provides Update on Wildfires in No...
4/30/2010 Announces The Renewal of Its Bank Facility
2/19/2010Confirms February Cash Distribution
12/21/2009Confirms December Cash Distribution
11/20/2009 Confirms November Cash Distribution
9/18/2009 Confirms September Cash Distribution
5/21/2009Confirms May Cash Distribution
3/10/2009enters into an arrangement agreement to acquire Reece Energy...
2/19/2009confirms February cash distribution
2/12/2009provides 2008 income tax information to Penn West unitholder...
1/15/2009announces 2009 capital program guidance and January cash dis...
12/17/2008confirms December cash distribution, provides spending guida...
11/18/2008confirms its November cash distribution
9/19/2008confirms its September cash distribution
8/27/2008announces disposition offering of non-core properties
8/20/2008confirms its August cash distribution and announces receipt ...
7/22/2008and Endev Energy Inc. Announce the Completion of Previously ...
6/19/2008Files Prospectus Supplement
5/26/2008Announces Proposed Clarifying Amendments to Long Term Incent...
5/21/2008enters into an Arrangement Agreement to acquire Endev Energy...
5/21/2008Confirms its May Cash Distribution
5/1/2008Penn West Energy Trust
4/18/2008 Confirms its April Cash Distribution
3/28/2008 Files 2007 Year End Disclosure Documents
3/20/2008Confirms its March Cash Distribution
3/6/2008 Announces Closing of Offer to Purchase 7.2 Percent and 8.0 ...
2/26/2008provides 2007 income tax information for former Vault unitho...
2/22/2008Confirms its February cash distribution and updates on hedgi...
2/8/2008Announces Changes to its Senior Management Team
2/1/2008provides 2007 income tax information for former Canetic unit...
1/29/2008Announces Offers to Purchase 7.2 percent and 8.0 percent Con...
1/22/2008Confirms its January Cash Distribution
1/10/2008Announce the Closing of Penn West's Acquisition of Vau
1/10/2008 Announce Vault Unitholder and Court Approval of Acquis
10/31/2007 and Canetic to merge and create Canada's flagship energy tr...
10/22/2007 confirms its October cash distribution and updates on hedgi...
9/19/2007provides an update on the acquisition of C1 Energy Ltd. and ...
9/7/2007announces further extension of offer for shares of C1 Energy...
8/21/2007Trust announces August cash distribution
8/10/2007Announces the extension of the Distribution Reinvestment Pla...
7/23/2007Announces Acquisition of 79.6% of C1 Energy Ltd. Common Shar...
7/18/2007announces July cash distribution
6/21/2007Announces June Cash Distribution
6/9/2007resumes partial production at its Wildboy property
6/1/2007and C1 Energy Ltd. announce a take-over bid for C1 Energy Lt...
5/23/2007announces May cash distribution
5/15/2007Responds to a Fire at its Northern British Columbia Gas Plan...
4/20/2007announces April cash distribution and 2008 crude oil hedges
3/19/2007announces March cash distribution
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