- Penn West Petroleum (PWE -0.4%) is planning to sell more of its assets and renegotiate its debt in an attempt to shore up its balance sheet and boost its stock price, President/CEO Dave Roberts told the company's annual meeting yesterday.
- Roberts also said PWE will “vigorously fight” six Canadian lawsuits and one in the U.S. relating to the accounting scandal that was discovered and disclosed in July.
- "We’re not out of the woods as an industry yet though we can see the flickers of a recovery on the horizon,” Roberts said.
- Shareholders voted 73% in favor of PWE’s proposed approach to executive compensation, a level of support that some say is low for Canadian corporations.