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Penn West Announces Voting Results From The 2015 Annual And Special Meeting Of Shareholders

May 13, 2015

CALGARY, May 13, 2015 /CNW/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) (or the "Company") is pleased to announce that at its annual and special meeting of shareholders held on May 13, 2015, Penn West's shareholders approved all resolutions outlined in the Notice of 2015 Annual and Special Meeting and Management Proxy Circular dated April 1, 2015 (the "Information Circular"), which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on Penn West's website at www.pennwest.com.

1.     Appointment of Auditor

By resolution passed by show of hands, Ernst & Young LLP, Chartered Accountants, was appointed as auditor of Penn West for the ensuing year. 

2.     Election of Directors

By resolutions passed by ballot vote, the following eight nominees proposed by management were elected as directors of the Company to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed:

Name of Nominee

Votes For

 

Percent

 

Votes Withheld

 

Percent

George H. Brookman

168,042,726

 

94.73%

 

9,351,291

 

5.27%

John Brydson

170,783,587

 

96.27%

 

6,610,430

 

3.73%

Raymond D. Crossley

169,247,369

 

95.41%

 

8,146,648

 

4.59%

Gillian H. Denham

144,887,051

 

81.68%

 

32,506,966

 

18.32%

William A. Friley

145,652,812

 

82.11%

 

31,741,205

 

17.89%

Richard L. George

167,111,824

 

94.20%

 

10,282,193

 

5.80%

David E. Roberts

147,255,601

 

83.01%

 

30,138,416

 

16.99%

Jay W. Thornton

163,480,126

 

92.16%

 

13,913,891

 

7.84%

 

3.     Special Resolution for a Reduction in the Stated Capital of Penn West

By resolution passed by ballot vote, a special resolution was passed to approve the reduction in the stated capital as outlined in the Information Circular.  The results of the ballot were as follows: 

 

Votes For

 

Percent

 

Votes Withheld

 

Percent

270,709,112

 

94.87%

 

14,638,387

 

5.13%

 

4.     Non-Binding Advisory Vote on the Corporation's Approach to Executive Compensation

By resolution passed by ballot vote, an advisory resolution was passed to approve the Company's approach to executive compensation as outlined in the Information Circular.  The results of the ballot were as follows: 

 

Votes For

 

Percent

 

Votes Withheld

 

Percent

130,788,982

 

73.73%

 

46,609,246

 

26.27%

 

Penn West is one of the largest conventional oil and natural gas producers in Canada. Our goal is to be the company that redefines oil & gas excellence in western Canada. Based in Calgary, Alberta, Penn West operates a significant portfolio of opportunities with a dominant position in light oil in Canada on a land base encompassing approximately 4.5 million acres.

Penn West shares are listed on the Toronto Stock Exchange under the symbol PWT and on the New York Stock Exchange under the symbol PWE.  

SOURCE Penn West

For further information: PENN WEST: Penn West Plaza, Suite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3, Phone: 403-777-2500, Fax: 403-777-2699, Toll Free: 1-866-693-2707, Website:www.pennwest.com; Investor Relations: Toll Free: 1-888-770-2633, E-mail: investor_relations@pennwest.com; Clayton Paradis, Manager, Investor Relations, Phone: 403-539-6343, E-mail: clayton.paradis@pennwest.com

 
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