Calgary based Penn West has sold off their Saskatchewan assets for nearly one billion dollars.

Penn West announced they have reached an agreement to sell their assets in our neighbouring province for $975 million, to Saskatchewan based Teine Energy Ltd.

In addition, Penn West is also selling a portion of Alberta assets, totalling around $140 million.

The energy firm will make over one billion dollars from the deals, to help reduce their debt from $2.1 billion to about $600 million.