Penn West Petroleum Ltd. shares surged the most in more than two decades after Teine Energy Ltd. agreed to buy oil-producing properties for C$975 million ($762 million) in cash. Penn West shares rose 52 percent to C$1.80 at 9:35 a.m. in Toronto, the most since July 1992. The stock has fallen from a high of more than C$47 in 2006 as the company wrestled with debt. “The sale is a definitive step which will help to change the narrative from constant discussions around its debt toward constructive conversations around Penn West’s recent performance its remaining Cardium area,” said Jeremy McCrea, an analyst at Raymond James in Calgary, in a note. “The Penn West that ends 2016 will be very different than the Penn West that entered 2016.” The deal announced Friday involves all of Penn West’s properties in the Canadian province of Saskatchewan, including its Dodsland Viking light-oil assets […]