Penn West Reports Sale of Working Interest in Weyburn Unit for $205 Million

Penn West Petroleum (NYSE:PWE,TSX:PWT) announced the sale of its non-operated 9.5 percent working interest in the Weyburn Unit for $205 million cash.
As quoted in the press release:

We intend to use the proceeds from this disposition to reduce our senior debt.  Upon the completion of the sale of our Weyburn Unit working interest, we will have raised approximately $810 million in total proceeds this year through our non-core asset disposition program.

David Dyck, senior vice president and CFO of Penn West, commented:

This disposition further demonstrates the continued success of our non-core asset disposition program.  With this transaction, we have surpassed our$650 million non-core asset disposition target.  We believe that our dispositions this year evidence the quality of our non-core asset base, our ongoing commitment to reduce our debt, and our ability to successfully execute meaningful transactions in a challenging commodity price environment.  We will continue to pursue additional non-core asset divestitures in order to further reduce our leverage and we will continue to focus on our core operations.

Click here to read the full Penn West Petroleum (NYSE:PWE,TSX:PWT) press release.