<SEC-DOCUMENT>0001193125-16-728903.txt : 20161003
<SEC-HEADER>0001193125-16-728903.hdr.sgml : 20161003
<ACCEPTANCE-DATETIME>20161003104802
ACCESSION NUMBER:		0001193125-16-728903
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161003
FILED AS OF DATE:		20161003
DATE AS OF CHANGE:		20161003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN WEST PETROLEUM LTD.
		CENTRAL INDEX KEY:			0001334388
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32895
		FILM NUMBER:		161914850

	BUSINESS ADDRESS:	
		STREET 1:		207 - 9TH AVENUE S.W.
		STREET 2:		SUITE 200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1K3
		BUSINESS PHONE:		(403) 777-2500

	MAIL ADDRESS:	
		STREET 1:		207 - 9TH AVENUE S.W.
		STREET 2:		SUITE 200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1K3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN WEST ENERGY TRUST
		DATE OF NAME CHANGE:	20050727
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d218494d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of October 2016 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number 1-32895 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Penn West
Petroleum Ltd. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 200, 207 &#150; 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue SW </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta T2P 1K3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 20-F&nbsp;&nbsp; &#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F&nbsp;&nbsp; &#9745; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) &#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) &#9744; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See the Exhibit Index hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on October&nbsp;3, 2016. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PENN WEST PETROLEUM LTD. </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mark Hawkins</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mark Hawkins</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Corporate Secretary and Senior Counsel</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">News Release, dated October&nbsp;3, 2016</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d218494dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Penn West Offers to Prepay $448 Million of Senior Notes at Par </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CALGARY, Oct. 3, 2016 /CNW/ -&nbsp;PENN WEST PETROLEUM LTD. (TSX&#151;PWT; NYSE&#151;PWE) (&#147;<B>Penn West</B>&#148;, &#147;<B>we</B>&#148;,
&#147;<B>us</B>&#148; or &#147;<B>our</B>&#148;) announces that it has offered $448 million of cash on hand to its senior noteholders to prepay amounts owing to them at par and on a pro rata basis. The total principal amount of the senior notes
currently outstanding is approximately $576 million prior to the prepayment offer.&nbsp;We expect to complete the prepayment process prior to releasing our third quarter financial and operating results in early November. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The $448 million of cash is from previously announced asset sales completed this year, not including the sale of all of our Saskatchewan assets, with the most
recent asset sales representing proceeds of approximately $75 million completed in the third quarter. The agreements with our senior noteholders allow us to use asset sale proceeds to make prepayment offers to them at par. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect our pro-forma Senior Debt at the end of the third quarter to be reduced to approximately $470 million from $2.0 billion at year-end 2015 and our
Senior Debt to EBITDA to be 2.0 times relative to a 4.5 times covenant threshold which is within the top half of our peers. We also expect to remain in full compliance with all of our financial covenants going forward into 2017. In the event the
prepayment offer is not fully accepted by our noteholders, we intend to use the unallocated cash to reduce the amount outstanding under our revolving bank credit facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Our decision to apply the asset sale proceeds towards our notes reduces the effective interest rate on our debt and advances our goal of continuing to
simplify Penn West&#146;s debt capital structure&#148;, David Dyck, Senior Vice President and Chief Financial Officer of Penn West commented. &#147;We would like to thank all of our lenders for their patience and support as we have worked diligently
to transform our company. Our successful asset divesture program has provided us with the balance sheet strength and financial flexibility to proceed with a balanced development plan in our core areas. Our refocused asset base is very competitive,
with a top quartile cost base and a compelling organic growth profile.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Penn West </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Penn West is a conventional oil and natural gas producer in Canada. Our goal is to be the company that redefines oil and gas excellence in western Canada.
Based in Calgary, Penn West operates a significant portfolio of opportunities with a dominant oil position in the Cardium, Viking and Peace River areas of Alberta. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements contained
in this press release constitute forward-looking statements or information (collectively &#147;forward-looking statements&#148;) within the meaning of the &#147;safe harbour&#148; provisions of applicable securities legislation. Forward-looking
statements are typically identified by words such as &#147;anticipate&#148;, &#147;continue&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;forecast&#148;, &#147;budget&#148;, &#147;may&#148;, &#147;will&#148;, &#147;project&#148;,
&#147;could&#148;, &#147;plan&#148;, &#147;intend&#148;, &#147;should&#148;, &#147;believe&#148;, &#147;outlook&#148;, &#147;objective&#148;, &#147;aim&#148;, &#147;potential&#148;, &#147;target&#148; and similar words suggesting future events or
future performance. In addition, statements relating to &#147;reserves&#148; or &#147;resources&#148; are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves
and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: our expectation
to complete the prepayment process prior to releasing our third quarter financial and operating results, our expectation for year-end pro-forma Senior Debt levels and Senior Debt to EBITDA ratio, our expectation that we will remain in full
compliance with all of our financial covenants going forward into 2017, our intention to use any unallocated cash to reduce the outstanding amount under our revolving bank facility, and our successful asset divestiture program having provided us
with the balance sheet strength and financial flexibility to proceed with a balanced development plan in our core areas. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking statements are based on certain key expectations and assumptions made by Penn West. Although
Penn West believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking information because Penn West can give no assurances that they
will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a
number of factors and risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional information on these and other factors that could affect Penn West, or its operations or financial results, are
included in the Company&#146;s most recently filed Management&#146;s Discussion and Analysis (See &#147;Forward-Looking Statements&#148; therein) , Annual Information Form (See &#147;Risk Factors&#148; and &#147;Forward-Looking Statements&#148;
therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Penn West&#146;s website. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities
laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly
qualified by this cautionary statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PENN WEST, Penn West Plaza, Suite 200, 207 &#150; 9th Avenue SW, Calgary, Alberta T2P 1K3;&nbsp;Phone:
403-777-2500, Fax: 403-777-2699, Toll Free: 1-866-693-2707, Website: www.pennwest.com;&nbsp;Investor Relations: Toll Free: 1-888-770-2633, E-mail: investor_relations@pennwest.com </P>
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