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News Breaks
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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November 17, 2014
09:05 EDTPWEPenn West board approves $840M capital budget for 2015
Penn West reports its board has approved a 2015 capital budget of approximately $840M. The company expects to spud approximately 225, or 212 net, wells in 2015, over 90% of which will be drilled in the three core light oil areas. 2015 forecast average production is expected to be between 95,000 and 105,000 boe per day, weighted approximately 69% toward oil and liquids. The company's updated Long-Term Plan targets compound annual growth rates between 2015 and 2019 of approximately 13% for oil in terms of average daily production volumes, and over eight percent in terms of our total boe average daily production volumes, which is expected to drive a funds flow CAGR between 2015 and 2019 of over 20%. These targets are based on what the company believes to be conservative commodity pricing assumptions.
09:01 EDTPWEPenn West to host conference call
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