Obsidian Energy, which was formerly known as Penn West Exploration Ltd, is a mid-sized Canadian oil and natural gas production company based in Calgary, Alberta. For several years, Obsidian Energy was among the sixty largest firms on the Toronto Stock Exchange. From 2005 to 2011, the company served as Canadian royalty trust. In January 2008, the corporation reached a peak market capitalization of US $9.5 billion.
Obsidian Energy has a well-balanced portfolio of remarkable assets given that it produces about 30,000 barrels per day. The company has instituted a strong management around its assets, thus offering the correct platform to deliver bottom-line results. Their entrepreneurial spirit will enable them to succeed in the competitive industry. The company is founded on the premise of discipline, and resolute accountability to their shareholders, communities in which they operate in and their partners. In addition, the company’s success is anchored on its employees unwavering passion for the work that they do. See More Info Here.
In June 2017, the company officially changed its name from Penn West Petroleum Ltd to Obsidian Energy. The company’s re-engineer process involved changing every aspect of their business. The management of the corporation redefined the purpose, direction and growth strategy. After the transformation, the oil and natural gas firm has reemerged as an authority in the competitive industry.
Obsidian Energy operates in Alberta across the Western Canadian Sedimentary Basin. This region is considered to have some of the world’s largest petroleum reserves. In Alberta, production is conducted in three major areas, including Pembina Cardium, the Alberta Viking and the Peace Oil Sands. In 2017, the total production of oil and natural gas is projected to average nearly 31,000 barrels per day.
After assuming a new name, the corporation changed its stock symbol to OBE on both the New York Stock Exchange and Toronto stock exchange. Moreover, shareholders approved the entire resolutions, which were outlined in the notice of this year’s Annual and Special Meeting and Management Proxy Circular that was dated April 30, 2017. The chief executive officer and president of the corporation, David French, stated that Obsidian Energy was well positioned to conquer the market. This is because they have a healthy balance sheet, the right assets and a shrewd hedging strategy. These strategies will enable the corporation to set a high standard for performance.
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