Exploration & Production | Operational Updates
Penn West Provides Updates Ops at Cardium, Viking Projects
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Penn West Petroleum Ltd. has provided an operational update on fourth quarter 2013 activities.
OverviewOn November 6, 2013 Penn West released a long-term strategy to position itself as a stronger and more vibrant company with the goal of becoming Canada's leading conventional liquids producer. The Company will be driven by performance criteria aimed at focused oil production growth translating into improved funds flow generation and shareholder value.
The Company has demonstrated significant progress on the long-term strategy including:
Announced or closed asset sales transactions for gross proceeds of nearly $700 million; Cost reductions in the business of approximately $100 million in 2013; Improved capital discipline demonstrated by lower direct per well costs, leading to development…
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