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Penn West Energy Outlines 2014 Plans;Sell $2.0B in Assets
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STRATEGIC REVIEW PROCESS
In June 2013, Penn West announced that its Board had formed a Special Committee to review strategic alternatives to maximize shareholder value (the "Special Committee"). The scope of the review completed by the Special Committee was extensive and included, among other things, a detailed technical review and evaluation of Penn West's asset base, a peer benchmarking analysis that was conducted across Penn West's areas of operations, consideration of a wide suite of alternatives in the context of the external environment, and a detailed economic assessment of various potential business models. Throughout this process, the Special Committee worked with an external advisor, CIBC World Markets Inc., and senior management in arriving at its comprehensive recommendation…
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