BRIEF-Penn West announces $1.1 bln in asset sales

Fri Jun 10, 2016 7:11pm EDT
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June 10 (Reuters) - Penn West Petroleum Ltd :

* Deal for cash consideration of $975 million , subject to normal closing adjustments

* Expect to be comfortably in compliance with all financial covenants at end of Q2 and remainder of 2016

* Entered into a definitive agreement for sale of all of its saskatchewan assets, including its dodsland viking area

* To realize nearly $100 million annually from decreased interest expenses and reductions in g&a expenses through deal

* Penn west announces $1.1 billion in asset sales, including the sale of its saskatchewan assets for $975 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)