PENN WEST (Symbol-PWT)(formerly-PWT.UN)

Discuss your favourite picks, broker, and trading or investment style.
User avatar
Peculiar_Investor
Administrator
Administrator
Posts: 13267
Joined: 01 Mar 2005 14:52
Location: Calgary
Contact:

Post by Peculiar_Investor »

Imagefiniki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.

Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
User avatar
Peculiar_Investor
Administrator
Administrator
Posts: 13267
Joined: 01 Mar 2005 14:52
Location: Calgary
Contact:

Re: PENN WEST (Symbol-PWT.UN)

Post by Peculiar_Investor »

PENN WEST ENERGY TRUST COMPLETES CONVERSION TO CORPORATION was announced last week,
It is anticipated that Penn West's Common Shares and Convertible Debentures will commence trading on the Toronto Stock Exchange (the "TSX") under the trading symbols "PWT", "PWT.DB.E" and PWT.DB.F" on or about January 10, 2011, and that Penn West's Common Shares will commence trading on the New York Stock Exchange (the "NYSE") under the trading symbol "PWE" at the open today. The Trust Units and Convertible Debentures of the Trust will be delisted from the TSX and the NYSE on the same dates.
So far, Yahoo! Finance and MSN MoneyCentral seemed to have picked up the ticker change today, but Google Finance has not yet.
Imagefiniki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.

Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
GWN789K
Contributor
Contributor
Posts: 39
Joined: 23 Jan 2010 14:18
Location: Prairies

Re: PENN WEST (Symbol-PWT)(formerly-PWT.UN)

Post by GWN789K »

Shares are down about 16% today to $9.79

Sellers not thrilled with their reorganization plans I gather.
User avatar
Shakespeare
Veteran Contributor
Veteran Contributor
Posts: 23396
Joined: 15 Feb 2005 23:25
Location: Calgary, AB

Re: PENN WEST (Symbol-PWT)(formerly-PWT.UN)

Post by Shakespeare »

Penn West raises doubts about its future - The Globe and Mail
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
I think AR questioned the viability of Penn West some time ago.
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
User avatar
AltaRed
Veteran Contributor
Veteran Contributor
Posts: 33398
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: PENN WEST (Symbol-PWT)(formerly-PWT.UN)

Post by AltaRed »

I don't remember what I may have said about overall viability but there is nothing I have seen from PennWest over the years to suggest they had high quality reserve holdings that could give them good netbacks. Always seemed to be second or third tier. As a double whammy, I seem to recall their balance sheet was always pretty leveraged as well giving them limited room to make mistakes.

I suspect a significant rise in commodity prices before year end is about the only thing that will save this company. I also suspect most of their hedges run out soon, at which time they would likely be hooped trying to survive on $45 oil and $2 gas.

Added: I wouldn't worry much about a debt default re covenants. Terms will be relaxed because lenders don't want to own an O&G company of this size, at least not this year. Lenders will just force them on a starvation diet for awhile to ensure positive operational cash flow.
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom
User avatar
Peculiar_Investor
Administrator
Administrator
Posts: 13267
Joined: 01 Mar 2005 14:52
Location: Calgary
Contact:

Re: Obsidian Energy (Symbol OBE) formerly PENN WEST (Symbol-PWT)(formerly-PWT.UN)

Post by Peculiar_Investor »

Name and symbol change happening. Penn West Changes Name to Obsidian Energy Ltd. and Announces Voting Results from the 2017 Annual
CALGARY, June 26, 2017 /CNW/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West" "or the Company") is pleased to announce that our shareholders have approved our name change to Obsidian Energy Ltd., effective immediately. In conjunction with our name change, our stock symbol will be replaced with "OBE" on both the Toronto Stock Exchange and New York Stock Exchange, effective in the next 3 – 5 business days. No action is required by shareholders with respect to this change.
They've also been named in an SEC fraud suit, SEC charges Penn West, former execs with accounting fraud - Investment Executive.
Imagefiniki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.

Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
Post Reply