Penn West Targets As Much as $1.9 Billion in Asset SalesStephen Cunningham
Penn West Petroleum Ltd. 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.