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Penn West Exploration

Title: Penn West Exploration
Category: Energy
Clicks: 2
Added on: Nov 26, 2011
PageRank:
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Penn West Petroleum is a Canada-based natural gas and oil company listed on the New York Stock Exchange under PWE and on TSX under the symbol PWT. It is engaged in developing, exploring, acquiring, exploiting, and holding interests in natural gas and petroleum operations and related assets. The company participates in the development, exploration and production of natural gas and oil mainly on the territory of western Canada. The majority of the probable and proved reserves are found in British Columbia, Manitoba, Saskatchewan, the Northwestern Territories, and Alberta. Penn West Petroleum also has some probable and proved reserves in the US, in North Dakota and Wyoming. Formerly named Penn West Petroleum Ltd, it operated as an independent production and exploration company, which became an energy trust in 2005. Since the company was reorganized as a trust, it acquired other trusts – Petrofund, Canetic, and Vault. Penn West Petroleum became the largest energy trust on the North American continent after these acquisitions took place. The company’s asset base comprises of developed and undeveloped lands, large hydrocarbon pools, and a vast array of facilities and infrastructure, including processing plants, compressors, gathering systems, and oil batteries. The production base of Penn West Petroleum includes conventional heavy, medium-gravity, and crude oil, medium-depth and shallow natural gas, and NGL or butane, propane, ethane, and other natural gas liquids. Its gas and oil fields are found across the Western Canadian Sedimentary Basin, which holds the largest reserves of petroleum in the world. Production comes from 3 major areas, the Plains, Northern, and Central, stretching from the northeastern part of British Columbia to southern Saskatchewan. Penn Western is committed to the wellbeing of the local communities in regions where it operates. Community investment initiatives are a major part of the company’s corporate culture, and it focuses on a number of community investment areas, including arts, culture, and education, health and wellness, environment, and community investment, among others. Among the main competitors of Penn West Petroleum are EnCana Corporation, Shell Canada Limited, Devon Energy Corporation, Baytex Energy Corp, and Compton Petroleum Corporation.
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