Nov 5 (Reuters) - Penn West Petroleum Ltd PWT.TO :
* Announces its financial and operational results for the third quarter ended
September 30, 2015
* Qtrly gross revenue $295 million versus $589 million last year
* Says continue to be in compliance with all of financial covenants
* Says third quarter was operationally challenged in part due to third party
pipeline access issues
* Says continue to ramp down activity to reach our target pace and resulting
capital run rate
* Had seven rigs running at end of July, now down to five rigs and expect to be
down to three rigs by mid-November
* Q3 FFO per share $0.09
* Recorded non-cash impairment charges of $399 million on two transactions as
book value of assets exceeded fair value received
* Now anticipate pipeline access issues will impact some volumes through the
first half of 2016
* Expect to create some additional headroom in covenant in Q4 when co to apply
proceeds from dispositions against outstanding debt
* Have maintained midpoint of annual production guidance, but refined range to
85,000 - 87,000 boe/d from 84,000 - 88,000 boe/d
* A 35 percent reduction in its workforce during the quarter
* Source text for Eikon ID:nCNW9CRnca
* Further company coverage PWT.TO