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News Breaks
January 10, 2013
05:11 EDTPWEPenn West Exploration provides FY13 production forecast
The 2013 Base Capital Budget will be directed predominantly toward light oil projects within Penn West's resource assets portfolio. The weighting is expected to increase the corporate oil and liquids split of current production volumes of approximately 62%, post the divestments that closed in December 2012, to a range of approximately 65%-68% at year end 2013 dependent upon capital spending levels. As in prior years, base natural gas production will be allowed to decline while the focus of the capital program will be to grow oil production. This is a pattern that Penn West has demonstrated consistently over the past several years. The company is committed to continuing improvements in netback realizations through our capital rotation from natural gas weighted base assets to our light oil weighted core resource assets. After accounting for the divestment of approximately 13,000 boe per day, production declines associated with limited operational activity in the second half of 2012 and lower peak drilling activity planned for 1Q13, the company forecasts 2013 average annual production to be in the range of 135,000 boe-145,000 boe per day. The 2013 Base Capital Budget is expected to maintain average production volumes approximately flat to modestly lower relative to year-end 2012 levels. Penn West has several major turnaround programs planned in June and July that are expected to bring approximately 10,000 boe per day of production off-line and impact production volumes in Q2 and Q3.
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August 12, 2014
21:14 EDTPWEPenn West delayed in filing unaudited financial statements
Penn West provided an update on its Audit Committee's review announced on July 29. Penn West said it is "working diligently and devoting all necessary resources to file its Q2 financial statements and related disclosures and its restated historical financial statements and related disclosures as soon as practicable, and in any event anticipates filing them no later than the October 14, 2014 date contemplated by the Management Cease Trade Order." As anticipated in its July 29, announcement, the company has concluded that it will be delayed in filing its unaudited interim financial statements for the three and six month periods ended June 30. The company advised lenders under its bank facility and holders of its senior unsecured notes of defaults arising from matters in relation to the decision to restate certain historical financial results and the delay in filing the company's Q2 filings. The company has obtained a waiver of the defaults under its bank facility from its lenders which, subject to certain conditions, has the effect of extending the cure period under its Bank Facility until October 14. During this period, Penn West has access to up to approximately $660M under its bank facility, approximately $250M of which has been drawn to date. Accordingly, the company believes that it has access to sufficient funds to satisfy its liquidity needs during the cure period.

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