It's been a rough month for investors in Penn West Petroleum Ltd (TSX: PWT)(NYSE: PWE). On July 29th the company announced that management had initiated an internal review of the company's accounting practices and decided to restate some of its ...
The big block letters on Penn West Petroleum Ltd.'s 2010 annual report said it all: Full Bore Ahead. The Calgary energy company, bogged down by debt following its biggest deal, the $3.6-billion takeover of Canetic Resources Trust, had devised an ...
Shares in troubled Canadian intermediate oil producer Penn West Petroleum Ltd (TSX: PWT)(NYSE: PWE) have plunged to all-time lows as the company is wracked by internal problems fueled by an accounting scandal.
FP0731_PennWest_C_JR Penn West Petroleum Ltd. shares slid sharply Wednesday, falling as much as 17.4% before pulling back, after news of accounting irregularities and the possibility of resulting lawsuits rocked the Calgary-based oil and gas producer.
Shareholders of Penn West Petroleum Ltd (TSX: PWT)(NYSE: PWE) must be getting pretty fed up by now. Over the last three years, the oil producer first expanded too aggressively, putting pressure on its balance sheet.
Earlier this week, Penn West Petroleum Ltd. (TSX: PWT)(NYSE: PWE) announced to the market it had identified accounting irregularities stretching back four years and has launched a probe into its accounting practices.
This is in stark contrast to Penn West, which has a considerable portion of its crude production weighted to lower margin natural gas and heavy crude, with light oil only making up 45% of its total production.