PENN WEST PETROLEUM LTD. T.PWT

Energy Oil & Gas E&P

"Penn West Petroleum, based in Calgary, Alberta, is an independent Canadian energy company focused on the exploration and production of oil and natural gas resources in Saskatchewan, Alberta, and British Columbia. At the end of 2015, the company reported proven reserves before royalties of 208 million barrels of oil equivalent. Daily production averaged 86,000 barrels of oil equivalent in 2015, at a ratio of 69% oil/31% gas."

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PENN WEST PETROLEUM LTD. > ASC DISAGREES WITH SEC INVESTIGATION

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Comment by makedonkaon Jul 04, 2017 10:25pm

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Post# 26433742

RE:RE:RE:RE:RE:RE:RE:RE:ASC DISAGREES WITH SEC INVESTIGATION

Scottie99 wrote: I think it is a question of semantics, "not sure" is the opposite of "sure" in response to the poster that said French would wish he never joined the company!

Of course, he wasn't around when the accounting mess happened but he is the one in charge now that charges have been laid. He would take the hit for the current loss of value of the company stock with this latest development and hope there is not going to be another wave of class action lawsuits for this one. The fact that it happened in 2014 and there are no new information is irrelevant to the fraud charges!

So even though he is not personally liable, he is involved through his current association with the company that is now being sued by the Feds. I think my comments said that much and it is no spin. Just stating the fact that OBE would pay and French would have to be involved in how much the company can afford to settle the Feds without derailing his plan for the year!