Canadian energy producer Penn West Petroleum Ltd (PWT.TO) (PWE.N) said on Friday that it would sell its Saskatchewan assets, which include holdings in the Viking region, for $975 million to Teine Energy Ltd, which is backed by Canada Pension Plan Investment Board.
The company, which will also sell some of its assets in Alberta for about $140 million, expects the deal to close in the second quarter this year.
Update: Calgary-based Tiene, focused on acquiring and developing low cost, repeatable, long reserve-life index, high-netback oil and gas assets, has been backed by CPPIB since 2011.
(Reporting by Narottam Medhora in Bengaluru; Editing by Diane Craft)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of Tiene Energy Ltd