Scandoil  

Penn West to sell Mitsue properties for $192.5 million


Published Sep 16, 2015
Penn West Petroleum Ltd.

Penn West Petroleum Ltd. has entered into a definitive agreement for the sale of its properties in the Greater Mitsue area of Central Alberta for cash consideration of $192.5 million, subject to closing adjustments customary in transactions of this nature.

We intend to use the proceeds from this disposition to reduce our senior debt. Upon the completion of the sale of our Mitsue properties, we will have raised approximately $605 million in total proceeds this year through our non-core asset disposition program.

In addition, since the end of Q2 2013, we will have divested an estimated 34,000 boe/d of non-core assets for proceeds of approximately $1.7 billion, which has allowed us to reduce our debt by approximately $1.4 billion, representing a reduction of more than 40%.

Tags: Penn West Petroleum Ltd.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml