CALGARY,
Nov. 9, 2015 /CNW/ - PENN WEST
PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("Penn West",
"we", "us" or "our") is pleased to announce
that it has closed the sale of its non-operated 9.5% working
interest in the Weyburn Unit in Southeast
Saskatchewan for cash consideration of approximately
$205 million.
Additionally, as announced in our third quarter results, we
closed the sale of our properties in the Greater Mitsue area of
Central Alberta on October 30, 2015, for total proceeds of
$193 million, subject to closing
adjustments. We intend to use the proceeds from both dispositions
to reduce our senior debt.
With approximately $810 million in
divestitures announced this year, we have surpassed our
$650 million non-core asset
disposition target, despite a challenging commodity price
environment. These transactions continue to demonstrate our
ability to complete non-core asset dispositions at attractive deal
metrics. We will continue our divestiture process on
additional non-core assets.
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". All dollar amounts herein are in Canadian
dollars.
Forward-Looking Statements
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements") within the meaning of the "safe
harbour" provisions of applicable securities legislation. In
particular, this document contains a forward-looking statement
pertaining to our intention to use the proceeds from the
dispositions to reduce our senior debt, that the transactions
continue to demonstrate our ability to complete non-core asset
dispositions at attractive deal metrics and that we will continue
our divestiture process on additional non-core assets.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations and
assumptions will prove to be correct. Readers are cautioned
not to place undue reliance on forward-looking statements included
in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking
statements are based will occur. By their nature,
forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties that contribute to the possibility
that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause our
actual performance and financial results in future periods to
differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking
statements. Important factors that could cause actual results
and events to differ from those described in the forward-looking
statements can be found in our public filings (including our Annual
Information Form) available in Canada at www.sedar.com and in the United States at www.sec.gov.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking statements contained in this document speak
only as of the date of this document. Except as expressly
required by applicable securities laws, we do not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in
this document are expressly qualified by this cautionary
statement.
SOURCE Penn West