Penn West Petroleum Ltd., a subsidiary of Penn West Energy Trust, Calgary, (Toronto: PWT-UN, NYSE: PWE) plans to acquire C1 Energy Ltd., Calgary, (Toronto: CTT) by way of a friendly takeover bid in a deal valued at C$23 million in cash and assumed debt. C1's assets include 133,500 net undeveloped acres in the Peace River Arch in Alberta, with core areas at Blueberry and Gift Lake. The assets are near Penn West's strategic Peace River oil-sands project. Production is 719 barrels of oil equivalent per day.
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