Penn West Petroleum Ltd. has taken the following further actions in response to the current commodity price environment:

"We continue to take concrete steps to strengthen our balance sheet," said Dave Roberts, President and CEO of Penn West, "Limiting our capital programs to the funds flow generated from our assets and suspending our dividend are necessary steps. Building on a combination of process and efficiency improvements over the past 12 to 18 months, we are taking further actions today to significantly reduce our cost structure without impacting our ability to execute. We remain flexible and well positioned to move forward when oil prices improve."

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