One-Page Deal Sheet
Penn West Sells Saskatchewan Property for $975 MIllion To PE-backed Teine
Teine Energy Penn West Petroleum Ltd.
Announced Date
June 10,2016
Close Date
June 24,2016
Transaction Type
Property
Enterprise Value (EV)($MM)
975
Asset/Basin:
{Viking,Bakken}
TargetZones:
{Viking,Bakken}
Net Acres
Proved Reserves
Location
Calculated Metrics( EV/Category)
Region
Canada
Country
Canada
Play
Production & Reserves Production
Reserves
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
Transaction Details: Require Private Equity Subscription
Closing Announcement - June 24, 2016
Penn West Petroleum has successfully closed the previously announced sale of all of its Saskatchewan assets for cash consideration of approximately $975 million, subject to closing adjustments. The Company will offer the net cash proceeds from the sale to its lenders and noteholders at par on a pro rata basis.
David Dyck, Senior Vice President and Chief Financial Officer of Penn West commented: "This transaction marks a significant turning point for Penn West. We have worked tirelessly to achieve top-tier performance on all operating fronts in our core…
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