Penn West Petroleum Ltd.

Penn West Petroleum Ltd. has retained Scotia Waterous Inc. as its exclusive advisor to sell certain noncore gas assets in northern Alberta in two packages but a single transaction is preferred. Preference will be given to exchange proposals; however, Penn West will consider cash offers. The assets involve 100% working interest with infrastructure control and an undeveloped land position of 377,000 net acres September 2005 sales averaged 11.9 million cubic feet of gas per day. Proved reserves are 3.22 million barrels of oil equivalent; proved-plus-probable reserves total 4.14 million. The reserve life is 4.6 years for proved and 5.9 years for proved plus probable. The assets are in the Hotchkiss/Vista Creek area and the Mega/Gutah area. For more information, contact Hilary Foulkes, 403-261-4241.