Penn West Petroleum flags going concern risk

Mon May 16, 2016 6:51am EDT
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May 16 (Reuters) - Canadian oil and gas producer Penn West Petroleum Ltd said on Monday it may be in default on its financial covenants at the end of the second quarter and raised doubts about its ability to continue as a going concern.

Penn West had long-term debt of C$1.86 billion (now $1.44 billion) as of March 31. ($1 = 1.2918 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)