CALGARY, Feb. 16, 2016 /PRNewswire/ – PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) (“Penn West“, “we“, “us” or “our“) announced today that it has entered into agreements to settle all class action proceedings in Canada and the United States against Penn West and others commenced by investors alleging damages in relation to Penn West’s July 29, 2014 announcement that it intended to restate certain historical financial statements and related management discussion and analysis.
The settlement agreements provide for a payment that will be fully funded by insurance coverage maintained by Penn West. As a result, the payment will not impact Penn West’s cash resources or financial position.
The settlement agreements contain no admission of liability or wrongdoing and include full releases of Penn West, current and former directors and officers of Penn West and others. Penn West is settling the class action proceedings in order to avoid the continuing risks, uncertainties and costs of litigation.
The proposed settlements are subject to the satisfaction of the conditions stated in the settlement documents as well as the receipt of court approval in each of Alberta, Ontario and Quebec and in New York. There can be no assurance that these conditions will be satisfied or that the settlements will be approved by the courts. The receipt of such court approvals is dependent on a number of factors and therefore the timing thereof cannot be predicted at this time.
About Penn West
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 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.BC”.