Penn West Petroleum Ltd. desires to modify its brand to Obsidian Energy Ltd. after remaining an accounting scandal, debt situation and product price collision within the last 36 months.
Jesse French, who needed around as President of the Calgary coal and oil firm in April, suggests investors will soon be expected to accept the change as the company-no longer resembles the “old Penn West.”
In July 2014, Penn West declared that billions of pounds in expenditures was badly labeled, pushing it to restate fiscal studies for 2012, 2013 as well as the firstquarter of 2014.
The scandal triggered classaction lawsuits by buyers of satisfied a year ago.
Meanwhile, the business launched over a group of property income that granted it to cut back online debt from nearly $3 thousand by the end of 2013 to $384 thousand at the time of March 31 in 2013.
Penn West is currently a considerably smaller business with estimate creation of 28,000 boxes of oil-equivalent per-day this season, along from 135,000 boepd in 2013. In addition, it shown 407 personnel by the end of 2016 versus 1,415 36 months earlier.