1. Annual General Meeting
Calgary, Alberta
June 8, 2010

2. Advisory
This presentation is for information purposes only and is not intended to, and should not be construed to, constitute an offer to sell or the solicitation of an offer to
buy securities of Penn West.
Discovered Petroleum Initially‐In‐Place (DPIIP) is equivalent to Original Oil In Place (OOIP). DPIIP, also known as a "discovered resource", is defined as that quantity
of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum
initially‐in‐place includes production, reserves and contingent resources; the remainder is unrecoverable. A recovery project cannot be defined for this volume of
discovered petroleum initially‐in‐place at this time. There is no certainty that it will be commercially viable to produce any portion of the resources.
Certain information regarding Penn West Energy Trust and the transactions reviewed in this presentation including management’s assessment of future plans and
operations, may constitute forward‐looking statements under applicable securities law and necessarily involve risks, including, without limitation, risks associated
with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition, incorrect assessment of the value of acquisitions, failure to realize the anticipated
benefits of acquisitions and ability to access sufficient capital from internal and external sources; failure to obtain required regulatory approvals. As a consequence,
actual results may differ materially from those anticipated in the forward‐looking statements. Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that could affect Penn West’s operations or financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), or at Penn West’s website (www.pennwest.com).
This presentation and its contents should not be construed, under any circumstances, as investment, tax or legal advice. Any person accepting delivery of this
presentation acknowledges the need to conduct their own thorough investigation into Penn West before considering any investment in its securities. Furthermore,
the forward‐looking statements contained in this presentation are made as of the date of this presentation, Penn West does not undertake any obligation to update
publicly or to revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be
expressly required by applicable securities law.
Where reserves or production are stated on a barrel of oil equivalent (BOE) basis, natural gas volumes have been converted to a barrel of oil equivalent (BOE) at a
ratio of six thousand cubic feet of natural gas to one barrel of oil. This conversion ratio is based upon an energy equivalent conversion method primarily applicable
at the burner tip and does not represent value equivalence at the wellhead. BOEs may be misleading, particularly if used in isolation.
This presentation may contain references to non‐GAAP terms. Penn West uses these measures to help evaluate their respective performance. These measures as
presented do not have any standardized meaning prescribed by Canadian GAAP and therefore, they may not be comparable with calculations of similar measures
for other companies or trusts.
All references are to Canadian Dollars unless otherwise specified.
2

3. Setting the Course for the Future
• Restoring financial strength
• Empowering corporate responsibility
• Building the right team
• Focusing on prospects,
innovation, and potential
3

4. Setting the Course for the Future
Financial Strength
• Strong Balance Sheet
- June 2008 - $4.8 total debt - 77% short term
- June 2010 - $2.5 total debt - 36% short term
• Debt diversification
- 64% of debt in long term notes
• Credit capacity
- 3 year, $2.25 billion syndicated credit facility
- $1.75 billion undrawn
4

5. Setting the Course for the Future
Credit Capacity
$1.75 billion Total Debt
undrawn**
Bank Debt
$0.5 billion Private
Debt
$500 $1.6
Convertible billion
million
Debentures***
drawn* $273 million
* Pro Forma debt at March 31, 2010 net of equity private placement and funds received from the formation of the Peace River Oil Partnership announced May 13, 2010.
** On April 30, 2010 Penn West Petroleum Ltd. Closed the renewal of its unsecured revolving syndicated bank facility.
*** All debentures expire prior to December 31, 2011 and can be settled with equity.
5

6. Setting the Course for the Future
Corporate Responsibility
• CAPP Stewardship Platinum level since 2002
• Strong and respectful working relationship with First
Nations and Métis in western Canada
• Leader in CO2 capture and storage in North America
• Leader in Enhanced Oil Recovery in North America
• Actively engaged in our communities
6

7. Setting the Course for the Future
Management Team
• Revitalized management team over the past three years:
Murray Nunns Mark Fitzgerald
President and Chief Operating Officer Senior Vice President, Production
David Middleton Thane Jensen
Executive Vice President, Peace River Senior Vice President, Operations
Project, Managing Director Engineering
Todd Takeyasu Keith Luft
Executive Vice President & Chief General Counsel & Senior Vice President,
Financial Officer Stakeholder Relations
Hilary Foulkes Bob Shepherd
Senior Vice President, Business Senior Vice President, Exploration &
Development Development
• Strengthened technical teams & assembled a visionary exploration group
• Team has worked to ‘right-size’ portfolio after successive corporate
acquisitions and are now focused on concentrated play areas
7

8. Setting the Course for the Future
Conversion
• Capital budget of $700 to $800 million necessary to
maintain current production levels
• Focus funds to increase pace of development in key play
areas – anticipate $150 to $200 million for organic growth
• Timing for conversion at year-end 2010
• Set dividend with objective to remain within funds flow
for sustaining capital, growth capital and dividend
• Fine tune model for 2011 and provide guidance for capital
plans during Q4 2010
8

9. Focus on Prospects
Calgary, Alberta
June 8, 2010

10. #
producer of
light & medium oil
in western Canada
10

11. million acres
Significant Light Oil Potential
11

12. %
95
Vertically
%
Proved Oil Booked
Reserves
Oil Gas BOE
Proved 341 mmbbls 938 bcf 497 mmboe
Proved and Probable 472 mmbbls 1,292 bcf 687 mmboe
12

13. Horizontal Technology
U.S. vs. Canadian Field Development
Permian Basin Pembina Cardium
Odessa, Texas Drayton Valley, Alberta
5 acre well spacing 80 acre well spacing
13

14. Infrastructure
Advantage
14

15. Strategic Portfolio Management
Wildboy
North Central
Carbonates
Peace River
Oil Sands
Eastern Alberta
Cardium
Dodsland Waskada
Penn West
land position
15

16. Prospect Inventory
Cumulative
1%
Resource Incremental
OOIP / OGIP Production Recovery
Light Oil 8.5 B bbls 14% 85 million bbls
Gas 18 Tcf 2% 180 Bcf
Oil Sands 2.75 B bbls 0% 27.5 million bbls
Discovered Petroleum Initially in Place (DPIIP), is defined in the COGEH handbook as the quantity of
hydrocarbons that are estimated to be in place within a known accumulation. DPIIP is divided into
recoverable and unrecoverable portions, with the estimated future recoverable portion classified as reserves
and contingent resources. There is no certainty that it will be economically viable or technically feasible to
produce any portion of this DPIIP except for those identified as proved or probable reserves. At this time all
of the DPIIP not classified as reserves would be classified as Unrecoverable Resources.
16

17. Unlocking Oil in Place
Cardium
West Central Alberta
17

18. West Central AB - Cardium
Program Summary
880 sections (net)
Pembina
Buck 2,400 wells (net)
Lake
West Ferrybank
Pembina
Willesden ~25,000 boe/d current production
Green
Leafland
10 billion bbls OOIP
Strachan
30 kms
20 miles Garrington
1.6 billion bbls recovered to date
Vertically defined
bbls potential
2 – 5 billion
pool boundary
Cardium trend OOIP additions
Penn West land 18

19. Cardium Land Holding – Existing + Halo
Net
880
Sections
800
700
600
530
500
400
300
204
200 160 150150150
100 95 92
100 81 75 66
52 49 47 40 40 38
30 23 19 17 17
9 8
0
Penn 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
West
Source: Company reports, Scotia Capital estimates.
19

20. Light Oil Resource Plays
2010
50 net wells
net
880 sections
well
2,000 + inventory
Cardium
Penn West
land position
20

21. Light Oil Resource Plays
2010
60 net wells
net
125 sections
well
1,000 inventory
Cardium
Waskada
Penn West
land position
21

22. Light Oil Resource Plays
2010
70 net wells
net
280 sections
well
1,000 inventory
Cardium
Dodsland Waskada
Penn West
land position
22

23. Light Oil Resource Plays
2010
25 net wells
Devonian net
Carbonates 300 sections
well
200 + inventory
Cardium
Dodsland Waskada
Penn West
land position
23

24. Gas Resource Plays
Wildboy
Eastern Alberta
Penn West
land position
24

25. Unlocking Oil in Place
Peace River
Central Alberta
25

26. Peace River Oil Partnership
Program Summary
237,000 acres
T86
10 kms
Nampa
5 miles 70 stratigraphic wells
Cadotte Seal
Harmon North
T84
Valley 84 hz wells
Harmon Harmon
Valley Valley
West South
T82
2,700 boe/d current production
Seal Main
T80
R22 R20 R18 R16 R14W5
Joint Venture Partnership land
26

27. Peace River Oil Partnership
Key Points
Penn West contributes:
• 106,650 acres (45% of 237,000 acres)
• 1,215 boe/d (45% of 2,700 boe/d)
• $56 million go forward investment (10% of PWT’s 55% interest)
Partner contributes:
• $312 million cash (paid to PWT directly)
• $505 million go forward investment (90% of PWT’s 55% interest)
• $459 million capital (45% interest)
27

28. Peace River Oil Partnership
Strategic Rationale
• Establish key technical and financial relationship
• Increase pace of development
(primary and thermal)
• Operate Peace River as a stand alone project
reflecting its uniqueness in Penn West
28

29. Growth Yield
29

30. Total Shareholder
Return
Fairness
To All Stakeholders
30

31. Penn West Total Return vs. Indices
2009 – 2010 (18 months)
Penn West
100%
S&P/TSX Capped Energy Trust
S&P/TSX Capped Energy
80%
S&P/TSX 60
S&P/TSX Composite
60%
40%
20%
0%
-20%
-40%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
2009 2010
31

32. Stock Exchange Investor Relations
Toronto: PWT.UN Jason Fleury, Manager, Investor Relations
New York: PWE Telephone: (403) 539-6343
Email: jason.fleury@pennwest.com
Legal Counsel
Burnet, Duckworth & Palmer LLP Toll Free: 1-888-770-2633
Independent Reserves Evaluators Email: investor_relations@pennwest.com
GLJ Petroleum Consultants Ltd. Website: www.pennwest.com
Sproule Associates Limited Penn West Energy
Transfer Agent Suite 200, 207 – 9th Avenue SW
CIBC Mellon Trust Company Calgary, Alberta, Canada T2P 1K3
Toll Free: 1-800-387-0825 Telephone: (403) 777-2707
Email: inquiries@cibcmellon.ca Toll Free: 1-866-693-2707
Website: www.cibcmellon.ca Facsimile: (403) 777-2699
Website: www.pennwest.com