Newspaper article The Canadian Press

Penn West Petroleum to Withdraw from One of Its Core Areas, Selling Slave Point

Newspaper article The Canadian Press

Penn West Petroleum to Withdraw from One of Its Core Areas, Selling Slave Point

Article excerpt

Penn West Petroleum withdraws from core area

--

CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says it has negotiated the sale of an additional $230 million of assets, including a formerly core property in the Slave Point area of northern Alberta.

The Slave Point transaction is worth $148 million. The sale of non-core assets will add a further $80 million in cash.

Penn West says the sale of Slave Point will reduce its overall operating costs.

It also expects to have room to develop and grow through its Cardium play south of Slave Point and its Viking play on the Alberta-Saskatchewan border.

It says the effective sale date for the Slave Point transaction will be Jan. 1 and the deal is expected to close during the second quarter of 2016. The sale of non-core assets is also to close during the second quarter. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.