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Sector Update: Energy Stocks Mixed; Penn West Climbing Today After Saying Audit Won't Affect Petroleum Reserves

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Energy stocks were broadly mixed Wednesday with the NYSE Energy Sector Index rising about 0.7% while shares of energy companies in the S&P 500 were down about 0.1% as a group. Crude oil for October delivery was down 19 cents at $93.67 per barrel while September natural gas was little changed at $3.95 per 1 million BTU.

In company news, Penn West Energy (PWE,PWT.TO) was higher Wednesday after the Canadian oil and gas company said its reserve volumes and values were not affected by a review of the company's accounting practices.

In its latest annual report issued in March, the company reported around 625 million in proved plus probable reserves, with roughly 70% of those reserves made up of crude oil.

It also said the review announced late last month into some of its historical financial statements is proceeding, with the company now saying it will file its financial results for its fiscal Q2 as well as any restatements of past results and related disclosures no later than Oct. 14.

PWE shares were ahead more than 5% at $7.76 apiece, earlier climbing to a session high of $7.86 a share. The stock has traded within a 52-week range of $6.97 to $11.85 a share, falling over 35% in value over the past 12 months.

PWT.TO was up nearly 5% at C$8.46 in recent Toronto Stock Exchange trading.

In other sector news,

(+) KWK, (+10.1%) Announces initial results for its Stallings #1H well in Pecos County, Texas, saying it is producing around 750 barrels of oil equivalent per day - 90% in oil. KWK operates the well, owning an equal 50% working interest with Eni ( E ).

(-) TLM, (-3.7%) Talks with Spanish energy giant Repsol SA ( REPYY ) to sell oil and gas assets have stalled, according to the Wall Street Journal, citing several people familiar with matter.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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