Penn West Names David Hendry CFO; Announces 2017 Capital Budget

(RTTNews) - Penn West Petroleum Ltd. (PWE, PWT.TO) announced David Dyck, CFO, and Gregg Gegunde, Senior Vice President of Exploitation, Production and Delivery, will be departing the company, effective immediately. The company announced that David Hendry, Penn West's Vice President of Finance for the last two years, will assume the position of CFO. Hendry has over 25 years of finance experience, most recently as finance Vice President at Talisman Energy Inc.

Penn West also announced its 2017 total capital budget of $180 million. The company's capital budget is expected to deliver full year 2017 production of 27,000 - 29,000 boe per day, approximately two-thirds of which will be liquids, with 2017 exit rates 15% over 2016 fourth quarter production volumes in key development areas.

Fourth-quarter volumes averaged approximately 38,500 boe per day, bringing full year 2016 production to 55,000 boe per day. Fourth-quarter volumes in key development areas averaged approximately 25,000 boe per day.