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  • Associated Presslast month

    Penn West reports 2Q loss

    On a per-share basis, the Calgary, Alberta-based company said it had a loss of 1 cent. The oil and natural gas company posted revenue of $82.5 million in the period. The company's shares closed at $1.10. ...

  • Reuters3 months ago

    U.S. charges Penn West Petroleum, ex-executives with accounting fraud

    U.S. securities regulators on Wednesday filed civil accounting fraud charges against Canada-based oil and gas company Penn West Petroleum Ltd and several of its former top finance executives. The U.S. Securities and Exchange Commission alleged Penn West Petroleum, which this week changed its name to Obsidian Energy, moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts. The company issued a statement saying the lawsuit was based on "historic" accounting practices that were discovered and reported to the SEC in July 2014.

  • Newsfile3 months ago

    SEC Charges Oil and Gas Company and Top Finance Executives with Accounting Fraud

    Washington D.C.--(Newsfile Corp. - June 28, 2017) - The Securities and Exchange Commission today charged a Canadian-based oil and gas company and three of its former top finance executives for their roles in an extensive, multi-year accounting fraud.The SEC's complaint alleges that Penn West Petroleum Ltd., which has since been renamed Obsidian Energy Ltd., fraudulently moved hundreds of millions of dollars in expenses from operating expense accounts to capital expenditure accounts. This alleged fraudulent movement ...