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

FrontFour Corp., as
the investment manager of the Canadian Fund, may be deemed to beneficially own the 603,400 Shares directly beneficially owned by
the Canadian Fund, constituting less than 1% of the Shares outstanding.

Energy Fund GP, as
the general partner of the Energy Fund, may be deemed to beneficially own the 588,000 Shares directly owned by the Energy Fund,
constituting less than 1% of the Shares outstanding.

Mr. Loukas, as a managing
member and principal owner of FrontFour Capital, a principal owner of FrontFour Corp. and a principal owner and director of Energy
Fund GP, may be deemed to beneficially own the 30,534,152 Shares directly beneficially owned in the aggregate by the Master Fund,
the Canadian Fund and the Energy Fund and held in the Separately Managed Accounts, which, together with the 259,400 Shares he directly
owns, constitute approximately 6.1% of the Shares outstanding.

Mr. Lorber, as a managing
member and principal owner of FrontFour Capital, a principal owner of FrontFour Corp. and a principal owner and director of Energy
Fund GP, may be deemed to beneficially own the 30,534,152 Shares directly beneficially owned in the aggregate by the Master Fund,
the Canadian Fund and the Energy Fund and held in the Separately Managed Accounts, which, together with the 600,000 Shares he directly
owns, constitute approximately 6.2% of the Shares outstanding.

Mr. George, as a managing
member and principal owner of FrontFour Capital, a principal owner of FrontFour Corp. and a principal owner and director of Energy
Fund GP, may be deemed to beneficially own the 30,534,152 Shares directly beneficially owned in the aggregate by the Master Fund,
the Canadian Fund and the Energy Fund and held in the Separately Managed Accounts, which constitute approximately 6.1% of the Shares
outstanding.

As of the close of
business on the date hereof, Messrs. Evans and Faust did not beneficially own any Shares.

Each of FrontFour
Capital, the Master Fund, the Canadian Fund, FrontFour Corp., the Energy Fund, Energy Fund GP and Messrs. Loukas, Lorber and George,
as a member of a “group” with the other for purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), may be deemed to beneficially own the securities of the Issuer owned by the other. The
filing of this Schedule 13D shall not be deemed an admission that FrontFour Capital, the Master Fund, the Canadian Fund, FrontFour
Corp., the Energy Fund, Energy Fund GP and Messrs. Loukas, Lorber and George are, for purposes of Section 13(d) of the Exchange
Act, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of FrontFour Capital, the Master
Fund, the Canadian Fund, FrontFour Corp., the Energy Fund, Energy Fund GP and Messrs. Loukas, Lorber and George specifically disclaims
beneficial ownership of the securities reported herein that he or it does not directly own.

(b)
Each of the Master Fund, FrontFour Capital and Messrs. Loukas, Lorber and George have shared power to vote or direct the
vote of, and to dispose or direct the disposition of, the Shares owned directly by the Master Fund.