CALGARY, Aug. 5, 2014 /CNW/ - The Alberta Securities Commission (ASC) has issued a management cease trade order against the directors and certain officers of Penn West Petroleum Ltd. (Penn West).
Penn West made an application to the ASC for a management cease trade order after it announced that an internal review of the company's accounting practices resulted in a decision to restate its audited financial statements for the years ended December 31, 2012 and 2013, its unaudited interim financial statements for the three months ended March 31, 2013 and 2014 (Historical Financials), as well as all related management's discussion and analysis (MD&A). As a result of this decision, Penn West has advised that its Historical Financials, related audit reports and MD&A should not be relied upon.
Penn West has also determined that there could be a delay in filing its unaudited interim financial statements for the three and six month period ended June 30, 2014, and the related MD&A and management certifications, as a result of the restatement of the Historical Financials and related MD&A.
The ASC has ordered that, subject to certain exceptions, David E. Roberts, David A. Dyck, Gregg Gegunde, S. Keith Luft, Richard L. George, James E. Allard, George H. Brookman, John Brydson, Gillian H. Denham, James C. Smith and Jay W. Thornton cease trading in and cease purchasing securities of Penn West until two full business days after the disclosure issues are rectified.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE: Alberta Securities Commission