Penn West Announces 2015 First Quarter Dividend

CALGARY, March 12, 2015 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("Penn West") announces that the Board of Directors has declared a first quarter 2015 dividend of $0.01 per share to be paid on April 15, 2015 to shareholders of record at the close of business on March 31, 2015. Shareholders are advised that this dividend is designated as an "eligible dividend" for Canadian income tax purposes.

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 4.5 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. All dollar amounts herein are in Canadian Dollars.

SOURCE Penn West