CALGARY, Dec. 1, 2014 /PRNewswire/ - PENN WEST
PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West"or the
"Company") is pleased to announce that it has successfully
completed its previously announced divestiture of certain non-core
assets located in south central Alberta for proceeds of approximately
$355 million, subject to customary
closing adjustments.
Proceeds from this transaction will be used to reduce
outstanding indebtedness on the Company's credit facility. The
Company has now completed non-core assets sales with total proceeds
of approximately $1.05 billion since
the announcement of the Company's Long-Term Plan in November 2013.
OUTLOOK
Penn West reiterates its expectation for 2014 full year average
volumes to be above the mid-point of guidance of 101,000 – 106,000
boe per day.
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 and 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 five 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.
Oil and Gas Information Advisory
Barrels of oil equivalent ("boe") may be misleading,
particularly if used in isolation. A boe conversion ratio of six
thousand cubic feet of natural gas to one barrel of crude oil is
based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead.
Forward-Looking Information Advisory
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, about the
Penn West's current expectations, estimates and projections, based
on our current beliefs in light of our experience and perception.
In particular, this document contains forward-looking
statements pertaining to, without limitation, the Company's
expected future production. Readers are cautioned not to place
undue reliance on forward-looking statements, as actual results may
differ materially from those expressed or implied. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties, both general to the
industry and specific to Penn West, that contribute to the
possibility that the forward-looking statements contained herein
will not be correct, which may cause the Company's 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.
The material factors and assumptions used by the Company in
developing the forward-looking statements include among other
things, assumptions regarding economic production and that the
Company will not dispose of additional material producing
properties in 2014. Readers are cautioned that the material factors
and assumptions discussed above are not exhaustive and are made as
at the date hereof. For further discussion of the material risk
factors on which the forward-looking statements are based, see the
risks and uncertainties described under "Risk Factors" in our most
recent Annual Information Form/Form 40-F and in other documents we
file from time to time with securities regulatory authorities, all
of which are available on SEDAR at www.sedar.com and EDGAR at
www.sec.gov. The forward-looking statements contained in this
document are expressly qualified by this cautionary statement.
Except as expressly required by applicable securities laws, the
Company does not undertake any obligation to publicly update any
forward-looking statements.
SOURCE Penn West