CALGARY, July 4, 2013 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT) (NYSE - PWE) ("PENN WEST") announces that effective July 5, 2013, Mr. Allan Markin will be stepping down from the Board of Penn West.
On behalf of the Board of Directors, Chairman, Mr. Rick George commented "we appreciate the contributions Al has made to Penn West in the time he was on the Board. We will continue to focus on many of the areas of value enhancement he championed."
Penn West continues to progress its transition plans with the Special Committee of the Board, chaired by Jay Thornton, moving forward on a detailed plan to review company strategy and assets. In addition, the company's new President and CEO, Dave Roberts, is now in place working detailed asset reviews, capital spending plans, personnel optimization and organizational structure.
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
Insider trading records indicate that Allan Markin doubled his position in PWE since joining the board from about 1.5 million shares to 3 million shares, including buying another 411,000 just week. Could he have a conflict of interest because he is part of a group, or associated with the company he co-founded (CNQ) that is interested in buying out PWE? Definitely very interesting, and worth hanging on to find out.
It is a little surprising given all that has taken place in the last few weeks. Could very well be that he is in a conflicted situation now that he has had a peek at the "data room" and has gathered a few PWE shares.Don't believe he has any official involvement with CNQ. The other side of the coin is he didn't like what he was seeing but that is hard to believe after taking down as much stock as he did. Going to be more difficult to see if he holds or dumps his shares as he will not be a reporting officer of an issuing entity.