(PWE)$ Penn West pops 10% on $321M sale of royalties Yesterday, 03:38 PM ET · PWE
Penn West Energy (PWE +9.9%) agrees to sell an 8.5% gross overriding royalty in its working interests in part of its Viking resource play in Saskatchewan plus some of its existing royalties and mineral title lands located in western Canada through a variety of plays to Freehold Royalties (OTCPK:FRHLF) for C$321M. PWE says the sale will reduce its senior debt and represents ~50% of its commitment to offer up to $650M in proceeds received from asset dispositions to prepay outstanding principal amounts on its senior notes.