PENN WEST (Symbol-PWT)(formerly-PWT.UN)
- Peculiar_Investor
- Administrator
- Posts: 13267
- Joined: 01 Mar 2005 14:52
- Location: Calgary
- Contact:
From Oilweek Magazine, Penn West Energy Trust plans conversion to corporation by end of 2012
finiki, 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
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
- Peculiar_Investor
- Administrator
- Posts: 13267
- Joined: 01 Mar 2005 14:52
- Location: Calgary
- Contact:
Re: PENN WEST (Symbol-PWT.UN)
PENN WEST ENERGY TRUST COMPLETES CONVERSION TO CORPORATION was announced last week,
So far, Yahoo! Finance and MSN MoneyCentral seemed to have picked up the ticker change today, but Google Finance has not yet.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.
finiki, 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
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
Re: PENN WEST (Symbol-PWT)(formerly-PWT.UN)
Shares are down about 16% today to $9.79
Sellers not thrilled with their reorganization plans I gather.
Sellers not thrilled with their reorganization plans I gather.
- Shakespeare
- Veteran Contributor
- Posts: 23396
- Joined: 15 Feb 2005 23:25
- Location: Calgary, AB
Re: PENN WEST (Symbol-PWT)(formerly-PWT.UN)
Penn West raises doubts about its future - The Globe and Mail
I think AR questioned the viability of Penn West some time ago.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
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
Re: PENN WEST (Symbol-PWT)(formerly-PWT.UN)
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.
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.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
- Peculiar_Investor
- 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)
Name and symbol change happening. Penn West Changes Name to Obsidian Energy Ltd. and Announces Voting Results from the 2017 Annual
They've also been named in an SEC fraud suit, SEC charges Penn West, former execs with accounting fraud - Investment Executive.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.
finiki, 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
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