BRIEF-Penn West Petroleum warns inability to continue as a going concern

Mon May 16, 2016 6:47am EDT
 
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May 16 (Reuters) - 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   Continued...