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- Q764321 subject Q6987195.
- Q764321 subject Q7110135.
- Q764321 subject Q7110184.
- Q764321 subject Q8693405.
- Q764321 subject Q8694325.
- Q764321 abstract "Penn West Exploration Ltd. (previously known as Penn West Energy Trust) — still referred to as known as Penn West Petroleum in the media — was a prominent mid-sized Canadian oil and natural gas production company based in Calgary, Alberta. For a while it was one of the S&P/TSX 60, the sixty largest companies on the Toronto Stock Exchange. From 2005-2011 it was a Canadian royalty trust (CANROY), and as such did not pay federal income taxes. With a market capitalization in January 2008 of approximately US $9.5 billion, it was the largest oil and gas energy trust in North America.Penn West Exploration was previously an independent exploration and production company named as Penn West Petroleum Ltd. In May 2005, it converted into an income trust and operated under the trade name as Penn West Energy Trust. This was an entity which pays the majority of its earnings directly to shareholders (known as "unitholders" in a trust), in the form of dividends. Penn West has acquired several other income trusts since reorganizing as a trust in 2005: Vault, Canetic, and Petrofund. These acquisitions made it the single largest energy trust on the continent. In January 2011, Penn West Petroleum Ltd. converted back from an income trust into an exploration and production company. Penn West now operates under the trade name as Penn West Exploration.Penn West's oil and gas fields are distributed throughout the Western Canadian Sedimentary Basin, a region which is one of the world's largest petroleum reserves. Production comes from three main areas, the "Northern", "Central", and "Plains", areas which stretch from northeastern British Columbia, southeast across central Alberta to southern Saskatchewan, and then along the U.S. border to the border with the province of Manitoba. Penn West projects a production of 200,000 to 210,000 bbl (32,000 to 33,000 m3) equivalent per day throughout 2008, and claims a reserve lifetime of 10.2 years as of December 31, 2006, on the known and probable reserves of 482.8 Mbbl (76,760,000 m3) equivalent throughout their holdings. Of their output, a total of 44% has been natural gas, with oil and NGLs accounting for the remaining 56%. In addition, Penn West maintains a project to recover heavy oil from the Peace River Oil Sands.Penn West became a Canadian royalty trust (CANROY) in 2005. In 2011 the federal government phased out this tax advantaged structure and Penn West reverted to a corporation. The tax status of Canadian trusts changed in 2011 phasing out this tax advantaged structure when Jim Flaherty was the Canadian Finance Minister. Commencing in 2011, trusts would be taxed like all other corporations, at the full 31.5% rate; this would remove the advantage for which they were set up in the first place. Share prices of the trusts dropped immediately after the announcement, which was dubbed the "Halloween Massacre." What prompted the move was that the trusts were costing the Canadian government upwards of $500,000,000 each year in lost revenue.Since the announcement of the Canadian "Tax Fairness Plan' approximately 90% of Canadian Royalty Trusts (CANROY's) have either converted to corporations, merged with other companies, or simply liquidated. While the Tax Fairness Plan did not require a conversion to corporate status most companies found it beneficial to do so. After conversion most companies were required to slash their dividend payouts to reflect the new level of taxation they would be required to pay.".
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- Q764321 foundationPlace Q1951.
- Q764321 foundationPlace Q36312.
- Q764321 foundingYear "1979".
- Q764321 industry Q1356889.
- Q764321 location Q36312.
- Q764321 location Q42962.
- Q764321 numberOfEmployees "1300".
- Q764321 product Q40858.
- Q764321 product Q42962.
- Q764321 thumbnail Penn_West_logo.svg?width=300.
- Q764321 type Q891723.
- Q764321 wikiPageExternalLink www.pennwest.com.
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- Q764321 wikiPageWikiLink Q6987195.
- Q764321 wikiPageWikiLink Q7110135.
- Q764321 wikiPageWikiLink Q7110184.
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- Q764321 wikiPageWikiLink Q7162745.
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- Q764321 wikiPageWikiLink Q818723.
- Q764321 wikiPageWikiLink Q8693405.
- Q764321 wikiPageWikiLink Q8694325.
- Q764321 wikiPageWikiLink Q891723.
- Q764321 foundation Q16.
- Q764321 foundation Q1951.
- Q764321 foundation Q36312.
- Q764321 homepage www.pennwest.com.
- Q764321 industry Q1356889.
- Q764321 location "Headquarters in Calgary; oil and gas wells throughout western Canada".
- Q764321 name "Penn West Petroleum Ltd.".
- Q764321 numEmployees "1300".
- Q764321 products "Oil and natural gas".
- Q764321 type Q891723.
- Q764321 type Organization.
- Q764321 type Agent.
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- Q764321 type Organisation.
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- Q764321 comment "Penn West Exploration Ltd. (previously known as Penn West Energy Trust) — still referred to as known as Penn West Petroleum in the media — was a prominent mid-sized Canadian oil and natural gas production company based in Calgary, Alberta. For a while it was one of the S&P/TSX 60, the sixty largest companies on the Toronto Stock Exchange. From 2005-2011 it was a Canadian royalty trust (CANROY), and as such did not pay federal income taxes.".
- Q764321 label "Penn West Exploration".
- Q764321 depiction Penn_West_logo.svg.
- Q764321 homepage www.pennwest.com.
- Q764321 name "Penn West Petroleum Ltd.".