04:31 PM EDT, 06/14/2024 (MT Newswires) -- Veren ( VRN ) said Friday it closed a previously announced sale of non-core assets in Saskatchewan for $600 million.

The Western Canadian oil and gas producer, which changed its name from Crescent Point Energy last month, said proceeds from the sales will be directed to further strengthen the company's balance sheet.

Veren ( VRN ) expects its net debt to total $2.8 billion by year-end based on average commodity prices of US$75/bbl WTI and $2.10/Mcf AECO for the full year.

The company's shares closed down $0.27 to $10.24 on the Toronto Stock Exchange.