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

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The Separately Managed
Accounts have (a) purchased call options (i) referencing an aggregate of 168,900 Shares, which have an exercise price of $1.10
per Share and expire on May 18, 2018, (ii) referencing an aggregate of 168,900 Shares, which have an exercise price of $1.15 per
Share and expire on May 18, 2018, and (iii) referencing an aggregate of 145,000 Shares, which have an exercise price of $1.20
per Share and expire on May 18, 2018, and (b) sold short put options (i) referencing an aggregate of 337,800 Shares, which have
an exercise price of $0.85 per Share and expire on May 18, 2018, and (ii) referencing an aggregate of 145,000 Shares, which have
an exercise price of $1.05 per Share and expire on May 18, 2018.

Except as described
above in this Item 6, none of the Reporting Persons has any contracts, arrangements, understandings or relationships with respect
to the securities of the Issuer.

Item 7. Material to be Filed as Exhibits.
Exhibit No. Description
99.1 Joint Filing Agreement, dated November 20, 2017
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