killramos
09-15-2015, 07:55 AM
We had one of these going around winter last year but it seems to have leaked mostly into the layoff thread.
Lets try and get this going again as we come into a lean winter:
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-to-sell-properties-in-central-alberta-near-mitsue-for-1925-million/article26363857/
Canadian oil producer Penn West Petroleum Ltd said it would sell its assets in Mitsue in Central Alberta for $192.5-million in cash to reduce debt.
The company said it would have raised $605-million this year by divesting its non-core assets upon the closing of the Mitsue deal.
Penn West had long-term debt $2.21-billion as of June 30.
The company lowered its budget and cut jobs this month and said it would only spend cash it earned from operations.
The company had also cut its 2015 production forecast to 86,000 to 90,000 barrels of oil equivalent per day (boepd) from 90,000 to 100,000 boepd.
The company’s Toronto-listed shares have fallen more than 91 per cent in the last 12 months.
200 million divestiture by PW, Mitsue area. Interesting. Anyone know how many BOE Mitsue has been doing?
http://boereport.com/2015/09/15/penn-west-announces-sale-of-mitsue-properties-for-192-5-million/
Production
4,500 boe/d
Liquids Weighting
78%
Operating Cost
$29.00/boe
Field Netback
$8.50/boe
Implied Production Multiple
$43,000/boe/d
Implied Net Operating Income Multiple
14x
43k a flowing. Not bad. It is a mature tertiary recovery project though. So very flat.
Lets try and get this going again as we come into a lean winter:
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-to-sell-properties-in-central-alberta-near-mitsue-for-1925-million/article26363857/
Canadian oil producer Penn West Petroleum Ltd said it would sell its assets in Mitsue in Central Alberta for $192.5-million in cash to reduce debt.
The company said it would have raised $605-million this year by divesting its non-core assets upon the closing of the Mitsue deal.
Penn West had long-term debt $2.21-billion as of June 30.
The company lowered its budget and cut jobs this month and said it would only spend cash it earned from operations.
The company had also cut its 2015 production forecast to 86,000 to 90,000 barrels of oil equivalent per day (boepd) from 90,000 to 100,000 boepd.
The company’s Toronto-listed shares have fallen more than 91 per cent in the last 12 months.
200 million divestiture by PW, Mitsue area. Interesting. Anyone know how many BOE Mitsue has been doing?
http://boereport.com/2015/09/15/penn-west-announces-sale-of-mitsue-properties-for-192-5-million/
Production
4,500 boe/d
Liquids Weighting
78%
Operating Cost
$29.00/boe
Field Netback
$8.50/boe
Implied Production Multiple
$43,000/boe/d
Implied Net Operating Income Multiple
14x
43k a flowing. Not bad. It is a mature tertiary recovery project though. So very flat.