BRIEF-Penn West to sell properties in Slave Point for $148 mln

Mon Mar 21, 2016 7:07am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

March 21 (Reuters) - Penn West Petroleum Ltd

* Entered definitive agreement for sale of properties in Slave Point area of Northern Alberta for cash consideration of $148 million

* Entered either definitive agreements or LOI to sell some of non-core assets for aggregate cash consideration of about $80 million

* Due to limited development capital allocated to Slave Point during 2015,2016, expected production declines for area are about 35 pct

* Sale of Slave Point is expected to lower Penn West's corporate per barrel operating costs and reduce corporate decline rates Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)