Penn West Petroleum to Sell Assets for C$1.3 Billion

(Corrects currency in headline and first paragraph.)

Penn West Petroleum Ltd. (PWT) agreed to sell non-core properties for C$1.3 billion.

The company, based in Calgary, anticipates the sales will close by the end of the year, according to a statement today. Penn West didn’t specify the buyer.

The assets have combined production of the equivalent of about 12,000 barrels of oil a day. Penn West plans to use the proceeds to repay advances under its credit facilities.

To contact the reporter on this story: Jessica Resnick-Ault in New York at jresnickault@bloomberg.net

To contact the editor responsible for this story: Jessica Resnick-Ault at jresnickault@bloomberg.net

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