BUZZ-Penn West Petroleum Ltd: Proved reserves unaffected by audit

Wed Aug 27, 2014 10:27am EDT
 
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** Canadian oil and gas producer's U.S.-listed shares up 4 pct at $7.67

** Company says recent review of accounting practices to have no impact on independent estimates of its proved reserves and their value as reported for 2012 and 2013

** Penn West said in July it was conducting an internal review of its accounting practices examining certain entries "which appear to have been made" to reduce operating costs, increase capital expenditures

** Reported proved plus probable company gross reserves estimate of 625 million barrels of oil equivalent as at Dec. 31, 2013

** Company's shares had fallen about 17 pct since the review was first announced