Penn West Announces Sale Of Slave Point And Non-core Assets - Quick Facts

(RTTNews) - Penn West Petroleum Ltd. (PWE, PWT.TO) announced it has entered into a definitive agreement for the sale of its properties in the Slave Point area of Northern Alberta for cash consideration of $148 million. The company expects the sale to lower its corporate per barrel operating costs and reduce corporate decline rates.

"Although Slave Point has long been one of our core assets, given the current outlook for commodity prices, we had no development activity planned for at least the balance of this year," said David Dyck, SVP and CFO of Penn West.

Penn West announced that so far in the year it has closed or entered into either definitive agreements or letters of intent to sell some of its non-core assets for aggregate cash consideration of approximately $80 million.