CALGARY, April 18, 2016 /CNW/ – PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE.BC) (“Penn West“, “we“, “us” or “our“) is pleased to announce that it has successfully closed the previously announced sale of its properties in the Slave Point area of Northern Alberta for cash consideration of approximately $148 million, subject to closing adjustments.
In addition, Penn West has closed approximately $50 million of its previously announced non-core asset sales of $80 million. It has also entered into a definitive agreement to sell the balance of such non-core assets for cash consideration of $30 million, subject to closing adjustments. The sale is expected to close in the second quarter.
About Penn West
Penn West is one of the largest conventional oil and natural gas producers in Canada. Our goal is to be the company that redefines oil & gas excellence in western Canada. Based in Calgary, Alberta, Penn West operates a significant portfolio of opportunities with a dominant position in light oil in Canada on a land base encompassing approximately 4 million acres.
Penn West shares are listed on the Toronto Stock Exchange under the symbol “PWT” and on the New York Stock Exchange under the symbol “PWE.BC”.