13D Filing: FrontFour Capital Group and Penn West Petroleum Ltd. (PWE)

The Master Fund has
(a) purchased call options (i) referencing an aggregate of 1,322,500 Shares, which have an exercise price of $1.00 per Share and
expire on July 20, 2018, and (ii) referencing an aggregate of 1,402,300 Shares, which have an exercise price of $1.05 per Share
and expire on July 20, 2018, and (b) sold short put options (i) referencing an aggregate of 791,300 Shares, which have an exercise
price of $1.05 per Share and expire on July 20, 2018, and (ii) referencing an aggregate of 1,723,200 Shares, which have an exercise
price of $0.85 per Share and expire on July 20, 2018.

The Canadian Fund
has (a) purchased call options (i) referencing an aggregate of 33,000 Shares, which have an exercise price of $1.00 per Share and
expire on July 20, 2018, and (ii) referencing an aggregate of 34,900 Shares, which have an exercise price of $1.05 per Share and
expire on July 20, 2018, and (b) sold short put options (i) referencing an aggregate of 19,800 Shares, which have an exercise price
of $1.05 per Share and expire on July 20, 2018, and (ii) referencing an aggregate of 43,000 Shares, which have an exercise price
of $0.85 per Share and expire on July 20, 2018.

The Separately Managed
Accounts have (a) purchased call options (i) referencing an aggregate of 294,500 Shares, which have an exercise price of $1.00
per Share and expire on July 20, 2018, and (ii) referencing an aggregate of 312,800 Shares, which have an exercise price of $1.05
per Share and expire on July 20, 2018, and (b) sold short put options (i) referencing an aggregate of 188,900 Shares, which have
an exercise price of $1.05 per Share and expire on July 20, 2018, and (ii) referencing an aggregate of 383,800 Shares, which have
an exercise price of $0.85 per Share and expire on July 20, 2018.

Item 6 is hereby amended
to add the following as the final paragraph thereof:

Pursuant to letter
agreements, the Master Fund and certain of its affiliates have agreed to indemnify each of Messrs. Goldfarb, Evans and Faust against
any and all claims of any nature arising from the solicitation of proxies at the 2018 Annual Meeting and any related transactions,
actions or failures to act. A form of such indemnification letter agreements is attached hereto as Exhibit 99.2 and is incorporated
herein by reference.

Item 7 is hereby amended
to add the following exhibits: