Oct 4 Troubled Canadian energy producer Penn
West Petroleum Ltd named David French as its
chief executive, replacing Dave Roberts, who has been in the
role since 2013.
French, most recently CEO of Bankers Petroleum Ltd,
has also held several executive roles at Apache Corp.
Penn West said in May that it may default on its financial
covenants at the end of the second quarter and raised doubts
about its ability to continue as a going concern.
However, the company said in June it was in compliance with
all of its financial covenants and removed the going-concern
note included in the first-quarter financial statements.
The company reduced its long-term debt by 18.5 percent to
C$1.54 billion at the end of June 30 from $1.89 billion at March
Roberts will continue to lead Penn West until French takes
charge on Oct. 24, the company said on Tuesday.
(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)