Friendly Acquisition of Reece Energy by Penn West

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Wednesday, March 11, 2009 at 03:14PM

CALGARY — In a deal that promises to add production of 2100 barrels of oil per day to Penn West Energy Trust, the Calgary-based company made a deal to acquire Reece Energy Exploration Corp. In May, for a cool 92-million, inclusive of debt, Penn West will increase production .

Penn West also disclosed plans to cut spending by $40 million in 2009, more or less equal to the debt Reece will absorb. 2009 capital spending by $40-million, or the same amount of debt the trust expects to take on when the Reece transaction closes.

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