Wednesday, October 17, 2012

Penn West to Raise $1.3 Billion Through Asset Sales

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 close prior to December 31, 2012.

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