CALGARY, June 26, 2017 /PRNewswire/ – PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) (“Penn West” “or the Company”) is pleased to announce that our shareholders have approved our name change to Obsidian Energy Ltd., effective immediately. In conjunction with our name change, our stock symbol will be replaced with “OBE” on both the Toronto Stock Exchange and New York Stock Exchange, effective in the next 3 – 5 business days. No action is required by shareholders with respect to this change.
“We are pleased to recognize the last step in our transformation with a name change to Obsidian Energy. As we start a new chapter in our story, we will guide the Company on three principles: disciplined technical and commercial decision-making to build and protect enterprise value, relentless pursuit of progress and innovation, and accountable and transparent efforts with our shareholders, our partners and the communities in which we operate. Obsidian Energy is well positioned with the right assets, a healthy balance sheet and a prudent hedging strategy that will allow the Company to set a standard for performance even in lower price environments,” commented David French, President and Chief Executive Officer.
In addition to the name change, shareholders approved all resolutions outlined in the Notice of 2017 Annual and Special Meeting and Management Proxy Circular dated April 30, 2017 (the “Information Circular”), which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on the Company website at www.pennwest.com, which will in due course become www.obsidianenergy.com. See below for further details.
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 |
171,547,614 |
95.44% |
8,195,244 |
4.56% |
John Brydson |
172,677,487 |
96.07% |
7,065,371 |
3.93% |
Raymond D. Crossley |
173,814,934 |
96.70% |
5,927,924 |
3.30% |
David L. French |
172,488,980 |
95.96% |
7,253,878 |
4.04% |
William A. Friley |
171,035,516 |
95.16% |
8,707,342 |
4.84% |
Richard L. George |
169,110,161 |
94.08% |
10,632,697 |
5.92% |
Maureen Cormier Jackson |
170,927,882 |
95.10% |
8,814,976 |
4.90% |
Jay W. Thornton |
171,195,207 |
95.24% |
8,547,651 |
4.76% |
3. 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 |
Votes Against |
||
Number |
Percent |
Number |
Percent |
168,359,816 |
93.66% |
11,394,787 |
6.34% |
4. Approval of Amendment to Restricted Share Unit Plan
By resolution passed by ballot vote, the amendment to the restricted share unit plan to become the restricted and performance share unit plan was approved. The results of the ballot were as follows:
Votes For |
Percent |
Votes Withheld |
Percent |
169,112,614 |
94.08% |
10,641,886 |
5.92% |
5. Approval of Name Change to Obsidian Energy Ltd.
By resolution passed by ballot vote, a special resolution was approved to the amendment to the articles of Penn West to chance the name to Obsidian Energy Ltd. The results of the ballot were as follows:
Votes For |
Percent |
Votes Withheld |
Percent |
278,070,022 |
92.91% |
21,220,502 |
7.09% |
6. Approval of Reduction of Share Capital for Accounting Purposes
By resolution passed by ballot vote, the reduction of Penn West’s share capital for accounting purposes was approved. The results of the ballot were as follows:
Votes For |
Percent |
Votes Withheld |
Percent |
173,395,303 |
96.46% |
6,359,201 |
3.54% |