Penn West's board will form a Special Committee to explore strategic alternatives. The Special Committee will consider all alternatives to increase shareholder value, including strategic financing alternatives, asset divestments, joint ventures and/or other business combinations. Although strategy review is always an ongoing activity for all companies, we expect this concentrated effort will be completed by year end. "Penn West has many high quality assets but the company has yet to unlock their complete value. The board is focused on maximizing value for all shareholders," said Rick George, chairman of the board.