Penn West Petroleum Ltd. has closed the sale of its non-operated 9.5% working interest in the Weyburn Unit in Southeast Saskatchewan for cash consideration of approximately $205 million.

Additionally, as announced in our third quarter results, we closed the sale of our properties in the Greater Mitsue area of Central Alberta on October 30, 2015, for total proceeds of $193 million, subject to closing adjustments. We intend to use the proceeds from both dispositions to reduce our senior debt.

With approximately $810 million in divestitures announced this year, we have surpassed our $650 million non-core asset disposition target, despite a challenging commodity price environment. These transactions continue to demonstrate our ability to complete non-core asset dispositions at attractive deal metrics. We will continue our divestiture process on additional non-core assets.

Tags: Penn West Petroleum Ltd.