March 21 (Reuters) - Canada's Pacific Exploration &
Production Corp PRE.TO said it chose not to make an interest
payment due March 28, as the company works with debtholders to
restructure debt.
The company, which warned on Friday that its auditor had
raised significant doubt about its ability to continue as a
going concern, was due to make a $25.6 million interest payment
next Monday. The company has a 30-day grace period.
Pacific Exploration suffered a major setback in March last
year, when Colombia's state-run oil company, Ecopetrol ECO.CN ,
said it would not extend its contract with the Canadian company
to operate Colombia's highest-producing oilfield.