CALGARY, Nov. 15, 2017 /CNW/ - OBSIDIAN ENERGY LTD.
(TSX/NYSE – OBE) ("Obsidian Energy", the "Company",
"we", "us" or "our") announces a US$8.5 million settlement with the U.S.
Securities and Exchange Commission ("SEC"), regarding the lawsuit
filed by the SEC on June 28, 2017 in
the U.S. District Court for the Southern District of New York. The settlement is in relation to the
Company's 2014 restatement of certain financial results while it
was known as Penn West Petroleum Ltd. ("Penn West").
Under the terms of the settlement, the Company, without
admitting or denying any of the factual allegations in the SEC's
Complaint, agreed to pay a penalty of US$8.5
million. In addition, the Company will be enjoined from
future violations of certain provisions of U.S. securities
legislation. Further details of the settlement and its consequences
can be found in the settlement documents when they are made public,
and in the U.S. securities laws. The lawsuit would continue against
the former Penn West employees named in the SEC Complaint. The
settlement is subject to Court approval.
David French, Obsidian Energy's
President and CEO commented: "Our settlement resolves this legacy
Penn West issue, and we are focused on looking forward as a new
company. We appreciate the open dialogue with the SEC Staff, which
led to this conclusion."
SOURCE Obsidian Energy Ltd.