Penn West Energy Trust (PWE)

[goldenpolarbear]

I agree! Regarding Penn West... http://www.pennwest.com/upload/media_element/media_file/347

http://www.pennwest.com/upload/media_element/media_file/15

"• Penn West views paying a sustainable dividend as a key part of providing value to shareholders

• Meaningful portion of potential shareholder returns

• Dividend impact makes metrics more comparable to peers with no or low dividend rates"

"...Updated Long-Term Plan Overview

Strong execution to date on the original Long-Term Plan

Updated Long-Term Plan generally offers more value on key metrics, although leverage in
2015 expected to be higher as non-productive dispositions remain outstanding
• Potential to drive down 2015 leverage if transactions executed earlier than assumed
• Long-Term Plan assumes ~$500MM in non-productive dispositions on Jan 1, 2016

Operated Development reflects focus on integrated waterflood development, which is expected to increase project economics through improved oil recovery
• Programs at Cardium and Slave Point now generally feature concurrent waterflood plans

Learnings from first year of plan as well as additional review of base and growth assets generally led to more positive revisions and certainty in the updated outlook..."

http://www.pennwest.com/upload/media_element/media_file/346

http://www.pennwest.com