BUSINESS

Penn West to sell some non-core assets in Alberta for $355 million

10/23/2014 07:10 EDT | Updated 12/23/2014 05:59 EST
CALGARY - Penn West Petroleum Ltd. (TSX:TWX) has agreed to sell some of its Alberta non-core assets for about $355 million to an unidentified private company.

The assets in south central Alberta currently produce the equivalent of 7,500 barrels of oil per day, mostly in the form of natural gas and natural gas liquids.

Penn West says the assets represents less than five per cent of its reserve base.

The Calgary-based company says the latest asset sale will bring the total value of asset dispositions within the first year of its long-term plan to $1 billion and debt will be reduced by more than $1.2 billion during the same period.