This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 70 cents to $100.27 on the New York Merc, while Brent for September lost $1.21 to $106.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.25 to WTI ($78.02), up from a discount of $22.90. Natural gas for August lost 2.2 cents to $3.78. The TSX energy index added 1.52 points to close at 323.19.

Penn West Petroleum Ltd. (PWT) lost $1.37 to $8.57 on 23.3 million shares, after revealing that a still-in-progress accounting review has detected some irregularities. The company is planning to restate some of its old financials and to tweak its practices for coming financials. The review, which stretches back more than four years, began after new chief financial officer David Dyck noticed some unusual practices relating to operating costs. So far, the review has found that in 2012 and 2013, some operating costs were reclassified as capital expenses or royalty expenses "without adequate supporting documentation." This means that Penn West understated its operating costs, thus overstating its operating cash flow and netbacks. The company strove to reassure investors that the findings are preliminary and the review does not affect previously disclosed cash and debt balances, 2014 production guidance, or operations. Despite that, the stock attracted more sellers than buyers on Wednesday. Although the market often overreacts to bad news, shareholders have a few reasons to be concerned.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS