November 14, 2016 / 10:47 PM / 9 months ago

BRIEF-Pacific Exploration and Production says creditor, catalyst led restructuring completed

Nov 14 (Reuters) - Pacific Exploration and Production Corp :

* Pacific Exploration and Production Corp - creditor and catalyst led restructuring completed

* Pacific Exploration and Production Corp - q3 average daily net production after royalties was 75,096 boe/d, 41% lower compared with previous quarter

* Q3 revenue c$309 million, down $67 million from q2

* Pacific Exploration and Production Corp - company initiating broad review of all activities and processes with "an emphasis on efficient operations"

* Pacific Exploration and Production Corp - company, assisted by executive search firm spencer stuart, is finalizing process to select a permanent ceo

* Pacific Exploration and Production Corp - Jim Latimer, appointed interim president and ceo, continues to work with board

* Pacific Exploration and Production Corp - liquidity (including cash and available lc) at September 30, 2016 approximately u.s.$672 million

* Pacific Exploration and Production Corp - has implemented a strategy to narrow its geographic focus to Colombia and Peru

* Pacific Exploration And Production Corp - recorded an impairment charge of $424 million in q3 compared to $568 million in same period in 2015

* Pacific Exploration and Production Corp - since January 1, 2016, company reduced internal head count by approximately 1,100 employees (40%)

* Pacific Exploration and Production - taking further steps to achieve $110 million of annualized expense during 2017, excluding one-time costs

* Pacific Exploration and Production Corp - Camilo Mcallister, Pacific's proposed new CFO, will formally commence his duties shortly

* Pacific announces third quarter 2016 results and effect of restructuring transaction Source text for Eikon: Further company coverage:

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