CALGARY, 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 SW
Penn West Exploration
Calgary, Alberta T2P 1K3
403-777-2500 or Toll Free: 1-866-693-2707
403-777-2699 (FAX)
www.pennwest.com

OR

Toll Free: 1-888-770-2633
Investor Relations:
investor_relations@pennwest.com

OR

CEO
William Andrew
403-777-2502
bill.andrew@pennwest.com

OR

Senior Manager, Investor Relations
Jason Fleury
403-539-6343
jason.fleury@pennwest.com