Penn West Energy Trust (PWE)

[legalizeMJ]

Link:GOOD NEWS,PWE Announces $1.1 Billion In Asset Sales, Including The Sale Of Its Saskatchewan Assets For $975 Million

http://ih.advfn.com/p.php?pid=nmona&article=71709974

The total cash consideration from asset dispositions to date in 2016 is approximately $1.3 billion, reducing our pro forma Net Debt to approximately $600 million from $2.1 billion at year-end 2015. As a result, we expect to be comfortably in compliance with all of our financial covenants at the end of the second quarter and the remainder of 2016.

Corporate Update and Transformation to a Leading Alberta Oil Producer.
As we continue to monetize our non-core assets over the balance of the year, our remaining operations will be focused in Alberta as follows:

Our redefined Cardium area will be focused on our unsurpassed land position encompassing 700 net sections and 1,500 drilling locations, or over 20 years of drilling activity. Our first quarter production in the Cardium area was approximately 19,500 boe/d with operating costs of $10/boe and netbacks of $17/boe. We expect the Cardium to continue driving profitable liquids growth through a combination of waterflood programs, infill drilling and new development for the foreseeable future. Recent production results from Cardium wells in both the Pembina and Willesden Green areas over the last two quarters continue to exceed expectations with production volumes meaningfully above historical type curves. Additionally, this transaction gives Penn West the financial flexibility to begin exploiting the multi horizon potential in our Cardium area. We hold approximately 500 net sections in the Belly River and Mannville formations that we believe are highly prospective. These plays will form part of our development strategy that we will be executing over the next several years.

Link: PWE is Upgraded to OUTPERFORM on 6/13/16.

https://finance.yahoo.com/q/ud?s=PWE

PWE(Oil stock)= Strong BUY.
Go PWE $$$$$$$$$$$$$