Penn West Petroleum to pay down credit facilities via dispositions

By Tali David

Minneapolis, Oct. 17 - Penn West Petroleum Ltd. plans to repay a portion of advances under its credit facilities with the expected $1.3 billion in proceeds from the company's planned dispositions, according to a filing with the Securities and Exchange Commission.

The company said it has agreements in principle to dispose of about $1.3 billion of its non-core properties to provide operational and financial flexibility. Penn West expects the dispositions to close before Dec. 31, the filing noted.

Penn West is a Calgary, Alta.-based energy company.

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