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Aerial photography of Calgary, Alberta showing the downtown core looking north towards the Calgary tower and the new Bow building on the right.
Aerial photography of Calgary, Alberta showing the downtown core looking north towards the Calgary tower and the new Bow building on the right.
(Chris Bolin For The Globe and Mail)

Penn West chief defends asset sale amid investor scorn

Investors punished Penn West Petroleum Ltd. this week after what many thought was a fire sale of southern Alberta oil and gas assets. Its CEO says they are missing the big picture as he seeks to get the debt-heavy company on track.

Penn West said late on Tuesday it struck a deal to sell $175-million worth of assets in central and southwestern Alberta, including non-core areas in the Viking and Mannville zones in the eastern part of central Alberta. The buyer was not disclosed.