CALGARY, June 28, 2017 /CNW/ - OBSIDIAN ENERGY LTD.,
formerly named PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE)
("Penn West" or "Obsidian Energy" as applicable depending on
context, the "Company", "we", "us" or "our") and three of its
former employees were named in a law suit filed by the U.S.
Securities and Exchange Commission ("SEC") on June 28, 2017 in the U.S. District Court for the
Southern District of New York.
The law suit is based on certain historic Penn West accounting
practices, discovered by the Company and reported to the SEC in
July 2014. As a result of the
Company's discovery, investigation, and correction of those
practices, Penn West restated its historic financial statements and
results on September 18, 2014.
The SEC's complaint, based on those historic practices, alleges
that Penn West violated statutes which include Section 10(b),
13(b), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange
Act of 1934 and certain related rules. The complaint
requests the entry of injunctive relief preventing a reoccurrence
of the practices and certain financial relief.
David French, Obsidian Energy's
President and CEO, commented: "We are naturally disappointed that
the SEC has chosen to pursue these past matters which we reported
to them and fully remediated years ago. This is particularly true
since the employees involved in the matters have long since left
the Company. We respect and appreciate the SEC's view of its
obligations regarding these past matters and look forward to a
timely resolution.
We do not anticipate this matter to materially alter the
business activities of the Company. We are confident about what
tomorrow holds, and the transparent and disciplined approach we
have in place to guide and report our performance. For Penn West,
now Obsidian Energy, the focus is on the future."
Obsidian Energy shares are listed on the Toronto Stock Exchange
under the symbol "PWT" and on the New York Stock Exchange under the
symbol "PWE".
Forward Looking Statements
Certain statements
contained in this presentation constitute forward-looking
statements or information (collectively "forward-looking
statements") within the meaning of the "safe harbour" provisions of
applicable securities legislation. In particular, this presentation
contains, without limitation, forward-looking statements pertaining
to our anticipation that the lawsuit described herein will not
materially alter the business activities of the Company, and our
confidence about what tomorrow holds and the transparent and
disciplined approach we have in place to guide and report our
performance.
Additional information on factors that could affect the Company,
or its operations or financial results, are included in the
Company's most recently filed Management's Discussion and Analysis
(See "Forward-Looking Statements" therein)), Annual Information
Form (See "Risk Factors" and "Forward-Looking Statements" therein)
and other reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com), EDGAR website (www.sec.gov) or the Company's
website.
Unless otherwise specified, the forward-looking statements
contained in this document speak only as of June 27, 2017. Except as expressly required by
applicable securities laws, we do not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. The
forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
SOURCE Obsidian Energy Ltd.