Penn West Exploration approves capital budget of $900M The 2013 Base Capital Budget is $900M and includes an option to layer in up to $300M of incremental capital weighted in the second half of the year. This incremental capital is subject to commodity price and crude oil differential realizations, demonstrating expected capital efficiencies and ongoing strategic portfolio management. Penn West will announce in advance, if the company plans to spend beyond the Base Capital Budget of $900M.
Penn West sells $355M in non-core assets Penn West has signed an agreement to sell non-core assets located in south central Alberta for expected proceeds of approximately $355M to a private company. The assets are currently producing approximately 7,500 boe/day. The disposition represents less than 5% of the company's proved and probable reserve base of 625Mboe. The company expects the transaction to close in early December. These assets were not allocated any current or future development capital under the company's long-term plan.