Gavin Young/Calgary Herald/Postmedia NewsPenn West CEO Dave Roberts at the company's AGM last week. Penn West says it was in compliance with all its debt covenants as of the end of the first quarter, but the risk of default has created uncertainty ...
TORONTO - Canadian energy producer Penn West Petroleum Ltd has received at least four bids from companies for its Viking light oil assets as it races to avoid a default, according to sources familiar with the matter.
Shares of Penn West Petroleum Ltd. jumped earlier this week on news the company had sold all its Saskatchewan assets, including its Dodsland Viking area, for cash considerations of $975-million (Friday's close $1.73).
Penn West Petroleum Ltd. (TSX:PWT)(NYSE:PWE) has been one of the hardest-hit energy stocks. Even before this crisis started, the company was dealing with an excessive debt load and a minor accounting scandal.