PENN WEST PETROLEUM LTD. T.PWT

For the uninformed only!

[Flyfishing20155]

Sold for $6200 per flowing, bought for $100,000 per flowing. Judge for your self!

Assets

Razor has entered into a purchase and sale agreement dated as of November 25, 2016 (the "PSA") with an arm's length public company to acquire certain oil and gas interests in the Swan Hills area of Alberta (the "Assets") for aggregate cash consideration of $15 million (the "Acquisition"). The Assets consist of producing oil and gas assets in the Swan Hills area of Alberta and approximately 15,000 net acres of associated undeveloped land. The Acquisition is expected to close concurrently with the closing of the Proposed Transaction. 

The Assets have the following characteristics:

Production	2,300 boe/d
Commodity mix	86% oil and natural gas liquids
Net undeveloped land	15,088 acres

The development of the Assets will continue to be focused on oil production from the Beaverhill Lake formation. Reactivations and optimization of existing primary and secondary recovery schemes are expected to be the emphasis of near term capital activity. 

Information with respect to Razor's work program and the Assets will be included in the management information circular or filing statement filed on SEDAR in connection with the Proposed Transaction.

Summary of the Acquisition 

Total purchase price(1)		$15 million
Estimated production (at closing)		2,300 boe/d
Forecasted annual decline rate on base production		12%
Land		15,088 net acres
Reserves:
	Proved developed producing ("PDP") reserves(2)	5.6 MMboe
	Proved reserves(2)	8.3 MMboe
	Proved plus probable ("P+P") reserves(2)	10.6 MMboe
	P+P RLI(3)

[Flyfishing20155]

North Eastern BC, will be the same when that comes out. Judge for your self!