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Penn West Petroleum Ltd (PWT.TO)

PWT.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Penn West qtrly loss per share $0.46
Wednesday, 15 Mar 2017 06:00am EDT 

Penn West Petroleum Ltd : Penn west announces its financial and operational results for the year ended december 31, 2016 and 2016 reserves results . Qtrly loss per share $0.46 . In 2017, company plans to self-fund a $180 million capital program . Penn west petroleum ltd- are increasing full year 2017 average production guidance to 30,500 - 31,500 boe per day . Penn west petroleum ltd- anticipate our 2017 capital program will be paid for fully with funds flow from operations . Penn west petroleum ltd - retained production in key development areas in q4 of 2016 increased by about 3,500 boe per day to 28,655 boe per day . Penn west petroleum ltd qtrly funds flow from operations $ 0.10 .Penn west petroleum ltd qtrly total production 38,481 boe/d versus 77,398 boe/d.  Full Article

Penn West announces new Chief Executive Officer
Tuesday, 4 Oct 2016 06:30am EDT 

Penn West Petroleum Ltd : Penn West announces new Chief Executive Officer, David French, to succeed Dave Roberts . French will be joining as President and CEO and will join board of directors with effect from October 24, 2016 . French most recently served as President and CEO Of Bankers Petroleum Ltd .Roberts will continue to lead Penn West in October.  Full Article

Penn West offers to prepay $448 mln of senior notes at par
Monday, 3 Oct 2016 06:30am EDT 

Penn West Petroleum Ltd : Penn west offers to prepay $448 million of senior notes at par . Total principal amount of senior notes currently outstanding is approximately $576 million prior to prepayment offer . Total principal amount of senior notes currently outstanding is approximately $576 million prior to prepayment offer . Expect pro-forma senior debt at end of Q3 to be reduced to approximately $470 million from $2.0 billion at year-end 2015 . Expect to remain in full compliance with all of financial covenants going forward into 2017 . Expect to complete prepayment process prior to releasing our Q3 financial and operating results in early November .If prepayment offer is not fully accepted by noteholders, intend to use unallocated cash to reduce debt under revolving bank credit facility.  Full Article

Penn West announces financial and operational results for Q2
Thursday, 4 Aug 2016 07:12am EDT 

Penn West Petroleum Ltd :Announces its financial and operational results for the second quarter ended June 30, 2016.  Full Article

Penn West announces financial and operational results for Q2
Thursday, 4 Aug 2016 06:42am EDT 

Penn West Petroleum Ltd :Announces its financial and operational results for the second quarter ended June 30, 2016.  Full Article

Teine Energy announces significant asset acquisition
Friday, 10 Jun 2016 07:06pm EDT 

Teine Energy Ltd: Transaction will be funded by Canada Pension Plan Investment Board ("CPPIB") and company's existing credit facilities . J.P. Morgan Securities, LLC acted as financial advisor to Teine on transaction .Teine Energy Ltd announces significant asset acquisition.  Full Article

Penn West announces $1.1 bln in asset sales
Friday, 10 Jun 2016 07:05pm EDT 

Penn West Petroleum Ltd : Deal for cash consideration of $975 million , subject to normal closing adjustments . Expect to be comfortably in compliance with all financial covenants at end of Q2 and remainder of 2016 . Entered into a definitive agreement for sale of all of its saskatchewan assets, including its dodsland viking area . To realize nearly $100 million annually from decreased interest expenses and reductions in g&a expenses through deal .Penn west announces $1.1 billion in asset sales, including the sale of its saskatchewan assets for $975 million.  Full Article

Penn West Petroleum hired Rothchild, Pricewaterhousecoopers as advisers for negotiations - Conf Call
Monday, 16 May 2016 11:13am EDT 

Penn West Petroleum Ltd : Hired Rothchild and Pricewaterhousecoopers as advisers for negotiation process with lenders - Conf Call Further company coverage: [PWT.TO] (Bengaluru Newsroom: +1-646-223-8780).  Full Article

Penn West Petroleum warns inability to continue as a going concern
Monday, 16 May 2016 06:36am EDT 

Penn West Petroleum Ltd : Average production of 77,010 BOE per day for Q1 . Maintaining 2016 total expenditures guidance of $70 million . Engaged in discussions with lenders to ensure that have necessary access to capital for remainder of 2016 and beyond . "We have reduced our operating expense guidance to $17.00 - $18.00/BOE from $18.00 - $18.75/BOE" for 2016 . Qtrly FFO per share $0.09 . Qtrly loss per share $0.20 . 2016 annual average production guidance remains unchanged . Discussions with lenders ongoing; targeting to have lenders agreements amending financial covenants signed prior to end of Q2 . Amendments with lenders would allow co to continue to focus on strengthening our balance sheet and reducing our debt level . Benefited from lower than anticipated cost environment which meaningfully reduced costs in last 4 months of 2015 below accruals . Annual production guidance remains unchanged at 60,000 - 64,000 BOE per day . "We were not in default at march 31, 2016 on any financial covenants under agreements with our lenders" . There is a risk that company will not be in compliance with its financial covenants at end of Q2 of 2016 . Risk of default resulted in uncertainty on company's ability to continue as a going concern . "We believe we are on track to meet our target to reduce our absolute operating costs by about 20 percent on a year over year, same field basis".  Full Article

Penn West Petroleum Ltd announces the sale of Slave Point
Monday, 21 Mar 2016 06:30am EDT 

Penn West Petroleum Ltd:Says has entered into definitive agreement for the sale of properties in the Slave Point area of Northern Alberta for cash consideration of $148 million.Says entered into either definitive agreements or letters of intent to sell some of its non-core assets for aggregate cash consideration of $80 million which.  Full Article

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BRIEF-Penn West qtrly loss per share $0.46

* Penn west announces its financial and operational results for the year ended december 31, 2016 and 2016 reserves results