CORP-TOP 20 LISTED / Penn West Petroleum Announces Normal
Course Issuer Bid
TSE SYMBOL: PWT
DECEMBER 23, 1997
CALGARY, ALBERTA--PENN WEST PETROLEUM LTD. (TSE - PWT) announces
that the notice to make a Normal Course Issuer Bid (the "Bid") has
been accepted by The Toronto Stock Exchange. Pursuant to the Bid,
Penn West may purchase, from time to time, as it considers
advisable, up to 200,000 of the outstanding common shares of Penn
West, (0.5 percent of the 39,991,164 currently outstanding common
shares of Penn West), through the facilities of The Toronto Stock
Exchange for an aggregate acquisition cost not to exceed
$3,000,000. The price which Penn West will pay for any shares
purchased by it, will be the prevailing market price of such
shares on The Toronto Stock Exchange at the time of the purchase.
All common shares acquired under the Bid will be cancelled.
Purchases may commence on December 29, 1997 and will terminate on
the earlier of the date on which Penn West shall have acquired all
of the common shares sought pursuant to the Bid, and December 28,
1998, unless earlier terminated.
Penn West believes that the price of its common shares may not
reflect their underlying value, from time to time, and that at
such times, the purchase of common shares will increase the
proportionate interest of, and be advantageous to, all remaining
shareholders.
Penn West Petroleum Ltd. is a Calgary based oil and natural gas
company that focuses on exploration and development activity in
Western Canada. Penn West trades on The Toronto Stock Exchange
under the symbol PWT. |
