Bullboard - Stock Discussion Forum 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,... see more

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PENN WEST PETROLEUM LTD. > Corrected

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Post by Whiskeytime on Jun 28, 2017 11:39am

Corrected

CORRECTED-U.S. charges Penn West Petroleum with accounting fraud

22 minutes ago - Reuters

CORRECTED-U.S. charges Penn West Petroleum with accounting fraud

(Corrects to say SEC charged former executives, not current executives, paragraph 1)

WASHINGTON, June 28 (Reuters) - U.S. financial regulators on Wednesday said they have charged Canada-based oil and gas company Penn West Petroleum Ltd and some of its former top finance executives with accounting fraud.

The U.S. Securities and Exchange Commission in a statement alleged that Penn West Petroleum, which changed its name earlier this week to Obsidian Energy, had moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts. The complaint was filed in federal court in Manhattan.

(Reporting by Susan Heavey and Tim Ahmann; Editing by Chizu Nomiyama and Grant McCool)

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