Penn West may have to review results since 2007

Thu Sep 18, 2014 8:23am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Sept 18 (Reuters) - Canadian oil producer Penn West Petroleum Ltd , under fire after it uncovered accounting irregularities in July, said its audit committee determined that the company needs to review results going back to 2007.

The company, which completed an internal review of its accounting practices, said on Thursday it had restated results since 2012 to account for irregularities that misclassified nearly C$300 million ($273 million) in expenses.

"We are acting on the findings of this Review ... there is no impact on our strategic direction going forward," Penn West Chairman Rick George said in a statement.

The irregularities were discovered by Chief Financial Officer David Dyck, who was appointed May 1, after he undertook a review of the company's accounting practices.

Penn West, which has reduced its headcount by almost 50 percent since late 2012, also reported results for the quarter ended June 30.

Lower expenses helped to the company post a profit of C$143 million, or 29 Canadian cents per share, in the quarter. (1 US dollar = 1.1000 Canadian dollar) (Reporting by Ashutosh Pandey in Bangalore; Editing by Saumyadeb Chakrabarty)