Struggling Penn West to Sell Assets Worth $2 Billion

摘要

Struggling Canadian producer Penn West Exploration plans to sell assets worth up to C $2 billion ($1.92 billion) before 2015 to further increase its financial flexibility and enable it to concentrate on key light oil development projects in Alberta's Cardium, Viking and Slave Point fields. The announcement marks the latest in a series of moves designed to revive the company's fortunes. In June, the company's chief executive, Murray Nunns, was shown the door; dividends were reduced and a second wave of layoffs was announced.