Twin Butte Energy Ltd TBTEF

great director of twin butte and penn west

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Renewal of Credit Facilities On June 15, 2012, Penn West renewed its unsecured, revolving credit facility for a four-year term ending June 30, 2016 with a syndicate of Canadian and international banks. Following the renewal, the credit facility had an aggregate borrowing limit of $3.0 billion. Aggregate Acquisition and Disposition Activity Penn West completed non-core property dispositions, net of acquisitions, of approximately $1,627 million in 2012. Total production associated with the combined divestments was approximately 16,500 boe per day. Divested assets were located primarily in Eastern Alberta and Southeast Saskatchewan and represented mature, base assets in Penn Wests asset portfolio. The net proceeds of the dispositions were used to repay a portion of the indebtedness outstanding under our bank credit facilities. Year Ended December 31, 2013 Board, Management and Staffing Changes The Board underwent a renewal process in May 2013 that resulted in John Brussa (Chairman), William Andrew (Vice-Chairman) and Shirley McClellan retiring from the Board and Rick George (Chairman), Allan Markin (Vice-Chairman) and Jay Thornton joining the Board