Penn West Exploration Announces its Financial Results for the Third Quarter Ended September 30, 2012

Penn West Exploration Announces its Financial Results for the Third Quarter Ended September 30, 2012 PR Newswire CALGARY, Alberta, November 2, 2012 CALGARY, Alberta, November 2, 2012 /PRNewswire/ -- PENN WEST PETROLEUM LTD. (TSX - PWT) (NYSE - PWE)("PENN WEST") is pleased to announce its results for the third quarter ended September 30, 2012. All figures are in Canadian dollars unless otherwise stated. Our strategy is to unlock intrinsic value for our shareholders by focusing on optimizing our overall business performance and execution, continued resource growth across our dominant positions in four of Western Canada's five largest light- oil resource plays and balanced financial management. In the near term, we are committed to optimizing capital and operational efficiencies and providing dividend income to our shareholders. As we gain certainty in the outlook for commodity price realizations and cost structures, we are in a position to add production growth through the development of our large light-oil plays. HIGHLIGHTS Penn West announced agreements in principle for approximately $1.3 billion of pending non-core asset dispositions which demonstrates the value inherent in our base assets and provides us with operational and financial flexibility. [(1)]We released external confirmation of our estimated contingent resources in our Cardium and Peace River areas.