Exploration & Production
Penn West Updates Asset Dispositions, Cardium Update
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Penn West Petroleum Ltd. announced two important developments.
In June 2012, the Company announced its intent to dispose of non-core assets to provide operational and financial flexibility. Penn West has agreements in principle to dispose of certain non-core properties. Combined proceeds from these dispositions are expected to be approximately $1.3 billion.
ASSET DISPOSITIONS
Penn West has agreements in principle to dispose of approximately $1.3 billion of its non-core properties, with combined production of approximately 12,000 barrels of oil equivalent per day. Penn West plans to use the proceeds of the dispositions to repay a portion of advances under its credit facilities. Subject to customary regulatory and other closing conditions, the Company anticipates these dispositions will…
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