July 30, 2014 / 1:58 PM / 3 years ago

BUZZ-Penn West Petroleum: Reveals accounting irregularities

** Canadian oil and gas producer’s U.S.-listed shares down 13 pct at $7.95, top percentage loser on the NYSE

** Company conducting an internal review of its accounting practices

** Says examining certain entries “which appear to have been made” to reduce operating costs, increase capital expenditures

** To restate financial statements for at least years ended Dec. 31, 2012 and 2013 as well as statements for three months ended March 31, 2014 and 2013

** Due to restatement company may not be in compliance with certain bank covenants and terms of senior unsecured notes

** RBC, TD Securities cut target price on the Toronto-listed stock (Reuters Messaging: anannya.pramanick.reuters.com@reuters.net)

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