CALGARY, March 12, 2015 /CNW/ – PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) (“Penn West”) announces that the Board of Directors has declared a first quarter 2015
dividend of $0.01 per share to be paid on April 15, 2015 to
shareholders of record at the close of business on March 31, 2015.
Shareholders are advised that this dividend is designated as an
“eligible dividend” for Canadian income tax purposes.

About Penn West

Penn West is one of the largest conventional oil and natural gas
producers in Canada. Our goal is to be the company that redefines oil &
gas excellence in western Canada. Based in Calgary, Alberta, Penn West
operates a significant portfolio of opportunities with a dominant
position in light oil in Canada on a land base encompassing
approximately 4.5 million acres.

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. All
dollar amounts herein are in Canadian Dollars.

SOURCE Penn West