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Penn West Petroleum Ltd. Message Board

  • cuiabab cuiabab Nov 11, 2013 12:52 PM Flag

    See what a special strategic committe can do the stock price?

    See what a special strategic committe can do the stock price?
    I just wonder why PWE needsto form a lofty special strategic committe and spent so much time to decide to sell non-core assets. Could the management and the board just do that? Do you thnik SLXP formed such a committe and spent so much time to decide to buy SNTS?

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    • They're not just selling non-core, they're selling producing assets as well. Part of the $485M in asset sales due to close by Q4/13 includes 12,500BOE producing assets. Also, "Production in the third quarter of 2013 averaged 133,712 boe per day compared to 160,339 boe per day in the third quarter of 2012. The decline in production is mainly due to asset dispositions completed in 2012..."

      So no, it's not just empty land they're selling. And some of the assets they're selling are in high-cost areas, so the price they will get will be much cheaper. Considering they paid top whack for them, to sell them below cost ( and after having paid financing charges for all this time) is going to kneecap the balance sheet yet again.

    • I think PWE shareholders should adopt their own "strategy", namely voting OUT all the members of the Board's "Special Committee" at the next Shareholder Meeting...

 
PWE
1.24-0.11(-8.15%)Aug 3 4:02 PMEDT