0001193125-17-175089.txt : 20170518 0001193125-17-175089.hdr.sgml : 20170518 20170518143332 ACCESSION NUMBER: 0001193125-17-175089 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170517 FILED AS OF DATE: 20170518 DATE AS OF CHANGE: 20170518 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: 17854538 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 6-K 1 d572363d6k.htm 6-K 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2017

Commission File Number 1-32895

 

 

Penn West Petroleum Ltd.

(Translation of registrant’s name into English)

 

 

Suite 200, 207 – 9th Avenue SW

Calgary, Alberta T2P 1K3

Canada

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F  ☐            Form 40-F  ☑

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)  ☐

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)  ☐

 

 

 

DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K

See the Exhibit Index hereto.

SIGNATURES

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 May 17, 2017.

 

PENN WEST PETROLEUM LTD.
By:   /s/ Mark Hawkins
Name:   Mark Hawkins
Title:   Corporate Secretary and Senior Counsel

 

 

 

2

EXHIBIT INDEX

 

Exhibit

   

Description

99.1    News Release, dated May 17, 2017
 EX-99.1 2 d572363dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

PENN WEST CLOSES NEW RESERVE-BASED CREDIT FACILITY

CALGARY, May 18, 2017 – PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) (“Penn West”, the “Company”, “we”, “us” or “our”) is pleased to announce it has transitioned to a reserve-based syndicated revolving credit facility (“Credit Facility”) with a group of nine lenders. Royal Bank of Canada and the Bank of Nova Scotia acted as co-lead arrangers and joint bookrunners for the Credit Facility.

“We updated our credit facility to reflect the strong balance sheet and robust long-life asset portfolio of the new Penn West” commented David Hendry, Chief Financial Officer of Penn West. “This is a great moment for the Company. This facility provides the flexibility for us to grow and invest in the projects that create the best return for our shareholders. We would like to thank our lending syndicate for their continued strong support.”

The underlying borrowing base is $550 million, less the amount of outstanding pari passu senior notes, such that the Company will have $410 million of availability under the Credit Facility as at today’s date. The initial revolving period of the Credit Facility ends on May 17, 2018, with an additional one year term out period, and is subject to a semi-annual borrowing base redetermination in May and November of each year. On April 30, 2017, the Company had $285 million drawn under its previous credit facility.

Penn West shares are listed on the Toronto Stock Exchange under the symbol “PWT” and on the New York Stock Exchange under the symbol “PWE”.

For further information, please contact:

PENN WEST

Penn West Plaza

Suite 200, 207 – 9th Avenue SW

Calgary, Alberta T2P 1K3

Phone: 403-777-2500

Fax: 403-777-2699

Toll Free: 1-866-693-2707

Website: www.pennwest.com

Investor Relations:

Toll Free: 1-888-770-2633

E-mail: investor_relations@pennwest.com