Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Obsidian Energy to pay $8.5M for accounting fraud charges

Jaclyn Jaeger | November 17, 2017

Obsidian Energy said it has reached an $8.5 million settlement with the U.S. Securities and Exchange Commission to resolve accounting fraud charges filed earlier this year.

The settlement regards a 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, when it was known as Penn West Petroleum.

“Our settlement resolves this legacy Penn West issue, and we are focused on looking forward as a new company,” Obsidian Energy’s President and CEO David French said in a statement. “We appreciate the open dialogue with the SEC Staff, which led to this conclusion.”

Under the terms of the settlement, the company, without admitting or denying any of the allegations in...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.