Penn West Petroleum (PWE) Reports Internal Review Still Ongoing

Penn West Petroleum (NYSE: PWE) provides an update on the Audit Committee's review originally announced on July 29, 2014 and confirms that its reserves volumes and values are not impacted by the accounting practices under review.

INTERNAL REVIEW UPDATE

Penn West reports that the Audit Committee's review is ongoing and that it continues to work diligently and devote all necessary resources to file its 2014 second quarter financial statements and related disclosures and its restated historical financial statements and related disclosures as soon as practicable, and in any event no later than the October 14, 2014 date contemplated by the Management Cease Trade Order issued by the Alberta Securities Commission.

CONFIRMATION OF RESERVES VOLUMES AND VALUES

The Company also announces that it has determined that the accounting practices under review have no effect on the independent estimates of the volumes of its proved and proved plus probable crude oil, natural gas and natural gas liquids reserves and the net present values of the future net revenues of such reserves (collectively, our "reserves") as reported under National Instrument 51-101 ("NI 51-101") at December 31, 2013 and 2012 and in its Supplementary Oil and Gas Information reported under the U.S. standard, "Extractive Activities – Oil and Gas" for the same periods, which may be found as Exhibit 99.4 to the Company's Annual Reports on Form 40-F for the years ended December 31, 2013 and 2012.

In its annual reporting on March 7, 2014, Penn West reported an independently evaluated or audited proved plus probable company gross reserves estimate as at December 31, 2013 utilizing forecast prices and costs under NI 51-101 of 625 million barrels of oil equivalent, approximately 66% of which were proved reserves. In addition, approximately 70% of the Company's proved plus probable reserves estimate were comprised of oil and natural gas liquids. As previously disclosed, Penn West's light oil resources are dominated by its three core areas of focus, the Cardium and Slave Point in Alberta, and the Viking in Saskatchewan.

REGULATORY MATTERS

This status update is provided pursuant to the alternative information guidelines in National Policy 12-203 ("NP 12-203"), which require the Company to provide bi-weekly updates on its affairs until such time as the Company is current with its filing obligations under Canadian securities laws. In accordance with those requirements, the Company advises that: except as previously disclosed and as disclosed herein, there have not been any material changes to the information contained in our July 29 and August 12 news releases; there has not been any failure by the Company to fulfill its publicly disclosed intentions with respect to satisfying the provisions of the alternative information guidelines of NP 12-203; except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203; and there is no other material information concerning the Company and its affairs that has not been generally disclosed as of the date of this update.

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