In January 2011 Penn West Petroleum Ltd. converted from an income trust into an exploration and production company with Penn West now operating under the trade name Penn West Exploration (TSX: PWT, NYSE: PWE). Penn West is one of the largest conventional oil and natural gas producers in Canada. Penn West operates a significant portfolio of opportunities with a dominant position in light oil in Canada. Based in Calgary, Alberta, Penn West operates throughout western Canada on a land base encompassing over six million acres. Penn West is an actively managed company with a large and diversified asset portfolio, experienced and specialized technical teams, and an extensive inventory of internal opportunities. Penn West is well positioned to create long-term value for shareholders through a high-quality, long-life asset base, strong balance sheet and experienced management team.