Penn West Petroleum Ltd. (PWE, PWT.TO), an explorer and producer of petroleum and natural gas properties, Thursday reported a loss for the quarter, compared to the previous year's profit.
For the year, the firm reported net loss of C$97 million or C$0.20 per share, compared with net income of C$59 million or C$0.12 per share during the comparable period last year.
The firm generated gross revenues of C$704 million compared with C$870 million during the same period last year.
First quarter light oil and natural gas liquids production comprised 82 percent of total liquids production and received average prices of C$80.75 per barrel after hedging, the company said in a statement.
The company also announced that effective May 1, Jack Schanck, a Director of Penn West since 2008, assumed the position of Chairman of the Board, after the former chairman John Brussa stepped down. Schanck has over 37 years of direct oil and natural gas industry experience in both Canada and the U.S.
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