Deals - Acquisition, Mergers, Divestitures
Penn West Closes Previously Announced Non-Core Asset Divestments
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Penn West Petroleum announced that it has closed its previously announced divestment of non-core assets.
In June of 2012, Penn West announced its intention to divest of $1.0 to $1.5 billion of non-core assets. Effective today, the last of a number of asset dispositions related to this plan closed for total gross proceeds of approximately $1.3 billion. In addition to these dispositions, we also recently closed a series of minor dispositions. Total proceeds from all sales of approximately $1.35 billion were used to repay outstanding indebtedness on the company's credit facility.
Total production and reserves associated with the combined divestments was approximately 13,000 boe per day and 69 million boe of proved plus probable reserves, respectively. On average, both production and reserves…
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