This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Penn West Energy earns $7-million in Q3 2009-11-05 12:27 ET - News Release Mr. William Andrew reports PENN WEST ANNOUNCES ITS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2009 Penn West Energy Trust has provided its results for the third quarter ended Sept. 30, 2009. Corporate strategy: - Penn West continued to focus on positioning the company to move from a trust to a corporate model prior to the end of 2011. In the future the trust will primarily use a combination of organic growth and dividends to provide a return on capital that will position it with the other senior independent North American oil and gas producers. Prior to the conversion to an exploration and production corporation, the trust will continue its focus on the advancement of its large-scale resource plays within its existing suite of assets. As Penn West's results to date are promising, it will allocate a greater portion of its 2010 capital budget to drilling horizontal multistage frac wells within its oil resource plays. The trust's aim is to apply this technology to increase production and reserves from these large resources with a particular near-term emphasis on those plays that focus on crude oil, such as Waskada, Dodsland, Pembina and Leitchville. This will greatly expand Penn West's inventory of locations with a focus on reducing risk, while providing the type of scale necessary to move the company forward.
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