I'm not allowed to post a link to a legit article but this #$%$ is constantly posted.
Penn West Announces the Closing of the Sale of Its Saskatchewan Assets
Jun 24, 2016
CALGARY, June 24, 2016 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE.BC) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce that it has successfully closed the previously announced sale of all of its Saskatchewan assets for cash consideration of approximately $975 million, subject to closing adjustments. The Company will offer the net cash proceeds from the sale to its lenders and noteholders at par on a pro rata basis.
"This transaction marks a significant turning point for Penn West. We have worked tirelessly to achieve top-tier performance on all operating fronts in our core areas and now with our re-constituted balance sheet and capital structure we will move our leverage metrics to top tier status as well", David Dyck, Senior Vice President and Chief Financial Officer of Penn West commented. "We expect to be in full compliance with all of our financial covenants at the end of the second quarter and anticipate the removal of the going concern note from our financial statements in the near future. As the benefits of our improved capital structure become more visible to investors over the coming months, we believe the market will close the valuation gap in our stock price. With our past largely behind us and our prospects bright, Penn West is now a very compelling value proposition for investors."
We will continue to execute on the second phase of our asset disposition program over the coming months in order to high-grade our portfolio and continue to reduce our cost structure. We expect to provide an update of our ongoing plans along with second quarter financial results in early August 2016.
For informational purposes:
CP Expects Decline in 2016 Second Quarter Revenues
June 22nd, 2016
Canadian Pacific Railway (CP) is expecting revenues to decline approximately 12 percent in the 2016 second quarter compared to the same quarter a year ago. Also in the second quarter, adjusted diluted earnings per share are expected to be approximately $2.00, and the operating ratio should be approximately 62 percent.
The drop in expected revenues is due to lower-than-anticipated volumes in bulk commodities, such as grain and potash, the wildfires in northern Alberta and a strengthening Canadian dollar.
CP noted that, given the transitory nature of these impacts, it is confident in its business model and believes actions taken in the first half of the year, along with an anticipated improvement in commodity volumes, will help the company towards meeting its full-year guidance.
“CP will continue to focus on controlling costs in a difficult environment,” said CP Chief Executive Officer E. Hunter Harrison. “While we acknowledge the environment remains challenging, additional cost reduction opportunities and the potential for stronger volumes in the back half of the year still lead us to believe that achieving double-digit EPS growth in 2016 is a possibility.”
CP will release its second-quarter financial and operating results on July 20, 2016.
It seems (from my memory) that there are statements here that are in addition to what was reported on the 8K.
In case you missed it:
CALGARY, June 16, 2016 /CNW/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE.BC) ("Penn West") will be hosting its Annual and Special Meeting on Thursday, June 23, 2016 at 10:00 a.m. MDT (12:00 p.m. EDT) in the Kensington Boardroom of the Marriott Downtown Hotel, located at 110 - 9th Avenue SE, Calgary Alberta.
Scheduled as part of the meeting proceedings, Mr. Dave Roberts, President and CEO, will address shareholders and provide a summary of Penn West's 2015 accomplishments and discuss Penn West's 2016 transformation into a leading Alberta oil producer. This address will be available via audio webcast:
Unfortunately I STOPPED averaging down on 12/22/14. NOT good, hmmm?
Good for him BUT $3.00 doesn't do much for the soles that bought the stock years ago as a long term investment.