As announced in our September 1, 2015 news release, our Board of Directors has decided to suspend our dividend until further notice following the payment on October 15, 2015 of the most recently declared dividend. The $0.01 per share dividend declared by our Board of Directors on July 30, 2015 will still be paid on October 15, 2015 to shareholders of record at the close of business on September 30, 2015.
Eligible Dividends for Canadian Tax Purposes
Penn West Petroleum Ltd. hereby advises all shareholders that, effective from January 1, 2011, all dividends paid on its common shares will be designated as "eligible dividends" for Canadian income tax purposes. This designation will apply until a notification of a change is posted on this website.
2011 Corporate Conversion
On January 1, 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. Following the conversion, shareholders received one (1) common share of Penn West (TSX: PWT, NYSE: PWE) in exchange for each Penn West trust unit. The conversion was considered to be a tax-deferred event. The first quarterly dividend of Penn West was paid on April 15, 2011.
2005 Income Trust Conversion
NYSE: PWE in exchange for each Penn West common share. This conversion generally resulted in a unitholder resident in Canada realizing a capital gain (or a capital loss) which was equal to the amount the deemed capital disposition of $84.77* exceeding (or is less than) the aggregate of the unitholder's adjusted cost base of the common shares which were ultimately exchanged for trust units and any reasonable cost of disposition. The first distribution of the Trust was July 15, 2005.
* Capital disposition was based on the three day average share price prior to May 27, 2005 the date of shareholder approval of the plan of arrangement.