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Penn West Streamlines Management; Ups Production Focus

Share Print Bookmark    |    Thursday,July 18,2013

Penn West Petroleum Ltd. has reported that, effective immediately, it is further streamlining and focusing its management structure.

Moving forward, our business will have a focus on production delivery led by Gregg Gegunde, Senior Vice President, Production and asset value enhancement led by Mark Fitzgerald, Senior Vice President, Development. The remaining members of the executive officer team will continue to be Todd Takeyasu, Executive Vice President and Chief Financial Officer, and Keith Luft, General Counsel and Senior Vice President, Corporate Services. Three members of the executive team will be leaving the Company.

Dave Roberts, President and Chief Executive Officer commented, "This revised organizational model will reduce complexity and provide greater clarity and accountability to the business, allowing us to deliver on our key drivers: to be performance driven, working towards industry leadership in operating excellence and to focus on value creation for our shareholders.

Dave Middleton, Executive Vice President, Operations Engineering and Managing Director, Peace River Oil Partnership, Bob Shepherd, Senior Vice President, Enhanced Oil Recovery and Cordova Joint Venture, and Rob Wollmann, Senior Vice President, Exploration are all outstanding oil and gas professionals and have been important to the leadership of the Company over many years. I would like to thank them for their service and wish them well in the future".

Over the next six to eight weeks the Company will continue to review its operating structure and seek ways to become more focused and more competitive as an enterprise.