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INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against Penn West Petroleum Ltd.

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Glancy Binkow & Goldberg LLP reminds investors of Penn West Petroleum Ltd. (“Penn West” or the “Company”) (NYSE:PWE) that purchasers of Penn West securities between May 4, 2012 and July 29, 2014, inclusive (the “Class Period”), have until October 3, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Southern District of New York.

Penn West is an exploration and production company, which acquires, explores, develops, exploits and holds interests in petroleum and natural gas properties and related assets in Canada and the United States. The Complaint alleges that defendants made false and/or misleading statements or failed to disclose that:

  • Penn West’s financial statements improperly classified certain operating expenses, resulting in an overstatement of capital expenditures.
  • Certain additional operating expenses were incorrectly classified as royalty expenses.
  • The Company lacked adequate internal controls over financial reporting.
  • The Company was not in compliance with certain of its covenants under its unsecured, revolving syndicated bank facility.

On July 29, 2014, Penn West announced that the Audit Committee of the Company’s Board of Directors is conducting a voluntary, internal review of certain of Penn West’s accounting practices and the Company anticipates possible delay in reporting second quarter financial results. According to the Company, the Board of Directors “has concluded that certain of the Company’s historical financial statements and related management’s discussion and analysis (‘MD&A’) must be restated, which may result in the release of second quarter 2014 financial results being delayed.”

If you are a member of the Class described above, you may move the Court no later than October 3, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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