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

The following constitutes
Amendment No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 amends the Schedule
13D as specifically set forth herein.

Item 2.

Identity and Background.

Item 2 is hereby amended
and restated as follows:

(a)       This
statement is filed by:

(i)

FrontFour Capital Group LLC, a limited liability company formed under the laws of the State of Delaware (“FrontFour Capital”);

(ii)

FrontFour Master Fund, Ltd., an exempted company formed under the laws of the Cayman Islands (the “Master Fund”);

(iii)

FrontFour Opportunity Fund, an investment trust formed under the laws of British Columbia, Canada (the “Canadian Fund”);

(iv)

FrontFour Capital Corp., a corporation formed under the laws of British Columbia, Canada (“FrontFour Corp.”);

(v)

FrontFour Energy Fund, a limited partnership formed under the laws of Ontario, Canada (the “Energy Fund”);

(vi)

FrontFour Energy GP Inc., a corporation formed under the laws of Ontario, Canada (“Energy Fund GP”);

(vii)

Stephen Loukas (“Mr. Loukas”);

(viii)

David A. Lorber (“Mr. Lorber”);

(ix)

Zachary George (“Mr. George”);

(x)

Matthew Goldfarb (“Mr. Goldfarb”);

(xi)

Steven P. Evans (“Mr. Evans”); and

(xii)

Michael J. Faust (“Mr. Faust”).

Each of the foregoing
is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” The Reporting Persons
are hereby filing a joint Schedule 13D.