Penn West Targets As Much as $1.9 Billion in Asset Sales

Penn West Petroleum Ltd. (PWT) is targeting as much as C$2 billion ($1.9 billion) of asset sales before 2015 as part of a strategic review.

Of that total, about C$485 million of disposals are expected to close before the end of 2013, the Calgary-based company said today in a statement. Those sales involve assets in the Wainwright, Grande Prairie and Southern Alberta areas.

“Not only does this represent a meaningful step toward addressing our balance sheet, it also assists in focusing our efforts on our core properties,” Chief Executive Officer David Roberts said in the statement.

To contact the editor responsible for this story: Stephen Cunningham at scunningha10@bloomberg.net

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