By an OGJ Online Correspondent
CALGARY, Mar. 23�Penn West Petroleum Ltd., Calgary, reports its 2000 fourth quarter profits tripled over the previous year to $87.6 million (Can).
The company, Canada�s tenth largest exploration and production firm, said cash flow more than doubled to $196.5 million from $86.6 million in fourth quarter 1999.
Penn West said strong oil and gas prices and higher production were major factors in the profit and cash flow increases.
The company said it spent $542 million on operations in 2000 and drilled 196 net wells in western Canada. Natural gas production increased 25% to 306.2 MMcfd and oil production increased 56% in 2000 over the previous year to 32,462 b/d.
Penn West was in the news recently as part of a consortium which made an unsuccessful bid for the western Canada assets of Fletcher Challenge Energy Ltd. of New Zealand.
