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). The company expects the sales, along with other dispositions this year, will reduce pro forma net debt to about $600-million and keep it in compliance with all financial covenants at the end of the second quarter and the remainder of 2016. Following the news, director John Brydson bought 450,000 shares at an average price of $1.64.
Ted Dixon is CEO of INK Research, which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Infographic reflects public-market transactions of common shares or unit trusts by company officers and directors.