Penn West Energy Trust discloses sale of certain non-core properties
Wed. August 27, 2008; Posted: 12:22 PM
Aug 27, 2008 (M2 EQUITYBITES via COMTEX) --
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PowerRating -- Penn West Energy Trust (TSX: PWT.UN) (NYSE: PWE), an open-end
investment trust, revealed yesterday (26 August) that certain
properties in Alberta, British Columbia, Saskatchewan, Northwest
Territories and Wyoming are being offered for sale. Rundle Energy
Partners (Rundle) and Scotia Waterous Inc (Scotia Waterous) have been
retained as agents.
The 10 packages being offered for sale have a combined production of
around 16,000 boe per day, at present. The company will use the cash
proceeds from the sale of any of these assets to reduce its current
bank debt first and then towards future acquisitions in the core areas
of operation. The southern Alberta and south western Saskatchewan
packages will be handled by Rundle, while Scotia Waterous will handle
the northern and central Alberta, British Columbia, Northwest Territory
and Wyoming packages of the disposition.
Rundle and Scotia Waterous will issue detailed information memorandums
in mid-September 2008, with additional information for those parties
who execute a confidentiality agreement. Non-binding proposals will be
due in mid-October 2008 with closing expected by year end, depending on
favourable market conditions, the company's ability to negotiate terms
of sale and the receipt of required approvals for such dispositions.
Comments on this story may be sent to admin@m2.com
For full details on Penn West Energy Trust (PWE)
click here. Penn West Energy Trust (PWE) has Short Term PowerRatings of 7. Details on Penn West Energy Trust (PWE) Short Term PowerRatings is available at
This Link.
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