Penn West Exploration Announces Voting Results from the 2013 Annual and Special Meeting of Shareholders

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Penn West Exploration

Jun 06, 2013, 01:57 ET

CALGARY, June 6, 2013 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("PENN WEST") is pleased to announce that its shareholders approved all resolutions outlined in the Notice of 2013 Annual and Special Meeting and Management Proxy Circular dated May 6, 2013 (the "Information Circular") at its Annual and Special Meeting held on June 5, 2013 (the "Meeting").

    1. Appointment of Auditor

By resolution passed by show of hands, KPMG LLP, Chartered Accountants, was appointed auditor of Penn West for the ensuing year.

    2. Election of Directors

By resolutions passed by ballot vote, the following eleven nominees proposed by management were elected as directors of Penn West to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed:

Name of Nominee     Votes For       Percent   Votes Withheld   Percent
                       
James E. Allard     174,019,243       80.71%   41,596,184   19.29%
George H. Brookman     165,317,712       76.68%   50,284,763   23.32%
Gillian H. Denham     206,849,150       95.94%   8,750,792   4.06%
Richard L. George     210,698,146       97.72%   4,922,349   2.28%
Daryl H. Gilbert     171,587,211       79.58%   44,021,538   20.42%
Allan P. Markin     211,766,828       98.21%   3,851,937   1.79%
Murray R. Nunns     198,471,171       92.07%   17,105,887   7.93%
Frank Potter     206,403,159       95.74%   9,193,212   4.26%
Jack Schanck     206,811,969       95.92%   8,794,783   4.08%
James C. Smith     206,987,547       96.00%   8,621,473   4.00%
Jay W. Thornton     209,074,418       96.97%   6,534,502   3.03%
    3. Non-Binding Advisory Vote on Approach to Executive Compensation

By resolution passed by ballot vote, an advisory resolution was passed to approve Penn West's approach to executive compensation as outlined in the Information Circular.  The results of the ballot were as follows:

Votes For     Percent     Votes Against     Percent
197,561,184     91.61%     18,092,835     8.39%
    4. Approval of Unallocated Options Pursuant to the Stock Option Plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under Penn West's stock option plan until June 5, 2016 were approved.  The results of the ballot were as follows:

Votes For     Percent     Votes Against     Percent
188,295,828     87.31%     27,362,007     12.69%
    5. Approval of Stock Option Plan Amendment

By resolution passed by ballot vote, an amendment to the amending provisions of Penn West's stock option plan was approved.  The results of the ballot were as follows:

Votes For     Percent     Votes Against     Percent
195,995,724     90.88%     19,659,177     9.12%
    6. Approval of Advanced Notice By-Law

By resolution passed by ballot vote, By-Law No. 2 of Penn West relating to the advance notice of nominations of directors was approved.  The results of the ballot were as follows:

Votes For     Percent     Votes Against     Percent
171,625,886     79.58%     44,028,138     20.42%

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.  

 

 

 

 

SOURCE Penn West Exploration

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