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.
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