Penn West Petroleum's stock fell to a new 52-week low Tuesday after the company announced four vice-presidents stepped down.
Penn West shares dropped 3.5 per cent or 41 cents to $11.19 on the Toronto Stock Exchange after earlier falling as low as $11.05.
The Calgary-based oil and gas producer said the senior executives whose departure was effective immediately are: Hilary Foulkes, executive vice-president and chief operating officer; Thane Jensen, senior vice-president and operations engineering; James Burns, vice-president of corporate planning; and Wendy Henkelman, vice-president, treasury.
The company did not offer an explanation beyond that "improved execution is the key to realizing the value inherent in the company's asset base."
"We will continuously make the necessary changes to deliver on our business plan," it said.
The company has been restructuring, partially to pay down debt. Penn West agreed in principle last month to sell $1.3-billion worth of its non-core properties, representing the equivalent of 12,000 barrels per day of production.
The Calgary company said it would use funds from the sale to repay a portion of the money drawn on credit facilities.
"Recently announced agreements to sell assets have provided Penn West with operational and financial flexibility, allowing the company to maintain its dividend while applying capital to high rate of return projects in its portfolio," it said in a statement.
The company has been positioning itself to concentrate on light-oil plays, particularly along the Cardium formation in southern Alberta.
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