Sadly, you frequently see, Managements and high level managers of public companies benefit enormously inspite of long term underperformance of the companies they manage while the stockholders suffer. This situation is not unique to Penn West, but in our case it is particulaly egregrious given the degree to which this has underperformed, much of which seems self inflicted. I did notice that West Face(known to be an activist at times) increased their holding recently(link) so they may have had some input on the Board changes. West Face is involved in an active way with Talisman and this big increase in their PWT holdings might signal they are becoming active here as well.

http://investors.morningstar.com/ownership/shareholders-overview.html?t=PWE&region=USA&culture=en-us