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Press release from Marketwire

Penn West Exploration Announces Quarterly Dividend

Thursday, March 17, 2011

Penn West Exploration Announces Quarterly Dividend18:06 EDT Thursday, March 17, 2011CALGARY, ALBERTA--(Marketwire - March 17, 2011) - The Penn West Petroleum Ltd. (TSX:PWT) (NYSE:PWE) ("Penn West Exploration") Board of Directors has declared a first quarter dividend of $0.27 per share, payable on April 15, 2011, to common shareholders of record as of March 31, 2011. Shareholders are advised that this dividend is designated as an "eligible dividend" for Canadian income tax purposes.The CDN$0.27 per share is equivalent to approximately US$0.27 per share (before deduction of any applicable Canadian withholding tax) using currency exchange of one Canadian dollar equals US$1.00. Registered shareholders with U.S. addresses will receive their dividends directly from Penn West Exploration's transfer agent, and will be paid in U.S. currency using the exchange rate in effect on the record date. Non-registered U.S. unitholders will receive their distributions through their brokers.Penn West Exploration common shares and debentures are listed on the Toronto Stock Exchange under the symbols PWT, PWT.DB.E and PWT.DB.F and Penn West Exploration common shares are listed on the New York Stock Exchange under the symbol PWE.FOR FURTHER INFORMATION PLEASE CONTACT: Suite 200, 207 - 9th Avenue SWPenn West ExplorationCalgary, Alberta T2P 1K3403-777-2500 or Toll Free: 1-866-693-2707403-777-2699 (FAX)www.pennwest.comORToll Free: 1-888-770-2633Investor Relations:investor_relations@pennwest.comORCEOWilliam Andrew403-777-2502bill.andrew@pennwest.comORSenior Manager, Investor RelationsJason