A lot of people recognize that there is plenty of hidden value in PWE. How to unlock it, that's the question. RG and Markin are the right guys to do it. They believe it and that's why they are willing to put their own money into it. Nunns lost credibility and he could no longer represent PWE to potential investors. We will see what the new CEO can do.
The article confirms my belief that PWE is strikingly undervalued. I'm glad to see a management shakeup that will bring in competent management. Hopefully, the new management will be amenable to selling off some assets that Penn West doesn't have the ability to develop. Also, I'm of the opinion that Sinopec or CNOOC would like to buy PWE outright if the Canadian government would allow it. Penn West doesn't have the financial firepower to develop its large asset base. It's holding onto assets that generate little or no return. The first order of business for the new management should be to restructure the balance sheet by doing joint ventures or selling assets selectively.