Long Run Explor Ltd Ord WFREF

Our Ceo Bill Andrew not responsible for Penn West Accounting

[barneyj44]

https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-may-face-lawsuits-after-alleged-accounting-irregularities/article19844808/ Penn West’s former chairman, Bill Andrew, who is now chairman and CEO of Long Run Exploration Ltd., said he was not in positions to sign off on financial statements during the times in question. He stepped aside as chief executive in mid-2011 and was not on the board’s audit committee while he continued as a director. Mr. Andrew said companies have some latitude when deciding whether expenses are for operating or capital, such as when nearing the end of operations for drilling a well, for example, and beginning production. The numbers discussed by Penn West in its statement appear high, however, he said. “There should be, and there was when I was CEO, an internal review process,” Mr. Andrew said. “The two parts are how you classify some of the costs, whether it’s operating or capital, and those are sometimes grey. The other part of it is, from an end of an operation and flipping it over to the production side and into operations. That’s a little bit grey as well.”