Penn West At a Glance
Company Overview
In May 2005 Penn West Petroleum Ltd. converted from a senior independent exploration and production company into an income trust. Penn West Energy Trust is the largest conventional oil and natural gas producing income trust in North America with 2008 pro forma average daily production of approximately 192,000 barrels of oil equivalent ("boe") per day and proved plus probable reserves of approximately 729 million boe. Based in Calgary, Alberta, Penn West is the owner of the largest conventional oil and natural gas reserves in Canada and operates throughout the Western Canadian Sedimentary Basin with a focus on resource-play potential in the Peace River Oil Sands of Northern Alberta, CO2 enhanced oil recovery in the Pembina, Swan Hills, Midale and Weyburn light oil pools, and coalbed methane producing assets.
Penn West is an actively managed trust 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 unitholders through its high-quality, long-life asset base, strong balance sheet and experienced management team, together with improved access to equity and debt markets resulting from Penn West's size and strength.
Penn West has considerable interests in large light/medium oil pools, an extensive in situ oil sands project under early stages of development, and a large inventory of enhanced oil recovery opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow. Additionally, Penn West's extensive undeveloped land inventory of 3.2 million net acres (at the end of 2008) creates a source of additional value through land monetization, farm-outs and exploration joint ventures.
To view Penn West's latest presentation, please click here.
To view a pdf of the most recently quarterly report in full, please click here.