This is just a round and there will be more layoffs to come. This mostly affects the headquarters. It's pretty bad and many folks who worked for Penn West for decades are being let go. The overall mood is very bad, people are scared and this was a bit of a shock for everyone. People were expecting cuts but nobody was expecting such a big cut. Let's see what happens, but now the economy of Canada is officially in recession, we have Conoco cutting people today in Calgary, it's bad all over the place. Many people do not know what to do and some that recently joined oil and gas industry are thinking about leaving the industry completely as it is very unpredictable. The severance package is very good so at least that can help the folks who will be laid off from Penn West, at least in the short term.
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