Penn West reported that production in the fourth quarter of 2008 declined from the 190,177 boe per day produced in the third quarter of 2008 primarily due to cold weather that occurred late in the year. Production in 2008 exceeded 2007 primarily due to the additional production from the Canetic and Vault acquisitions.
Reported that it has conducted an intensive study of the reservoir through much of 2007 to enable significantly better horizontal well placements which resulted in more robust initial well production rates. It also continued to test a variety of new development technologies in the project area including multi-leg horizontal wells and re-entries using a range of configurations and the results to date were encouraging.
November 14, 2007
Reported that an independent report evaluated 20% of its tenements and found that Penn West's share of Discovered Resources of bitumen is approximately 1.7 billion barrels.
Advanced or Above