Penn West Receives Waiver Of Defaults From Noteholders

PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("PENN WEST", the "COMPANY", "we", "us" or "our") announces that, further to its August 12, 2014 announcement, it has now obtained waivers from the holders of its senior unsecured notes (the "Notes") of certain defaults under the Notes arising from matters relating to the decision to restate certain historical financial results and the delay in filing the Company's second quarter 2014 interim filings. Such defaults do not relate to any of the financial tests under the Notes respecting the Company's financial condition. Subject to certain conditions, the waivers have the effect of extending the cure period for such defaults until October 14, 2014 and allowing for the defaults to be cured by delivery of the restated historical and second quarter financial statements. Upon the curing of the defaults, the Notes will remain in place on their existing terms. These waivers, together with the waiver previously obtained from the Company's lenders under its bank facility announced in the Company's news release of August 12, 2014, provide the Company with certainty with respect to its lending agreements during this period and maintain the existing terms of the Notes and the bank facility thereafter.