Obsidian Energy is a renowned Canadian oil and natural gas production company. The medium-sized company has a well-balanced portfolio of quality assets. The corporation produces nearly 30,000 barrels each day. Obsidian Energy has a high client base, thus enhanced profitability margins. In addition, the noble corporation has recruited the services of experienced personnel who will enable it to succeed in the competitive industry. Moreover, Obsidian Energy’s success is anchored on the foundation of discipline and its employee’s relentless passion for the work that they do. This success is also based on an unbendable accountability to their shareholders, partners and the communities that they operate in.
Previously, the company was known as Penn West Petroleum Ltd. On June 26th, 2017, the company formally changed its business name to Obsidian Energy. As Penn West, the company underwent considerable changes. These changes affected every area of their business. Moreover, the changes helped the management to redefine the company in terms of where and how it grows. As a result, Obsidian Energy has reemerged leaner, stronger and more capable than it has ever been.
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The change of name has been accompanied by improvement in their business operations.
David French, the company’s president and CEO noted that they were pleased to recognize the final step in their transformation journey with the name change. He also added that as they begin the new chapter, they will lead the company based on three principles, which are disciplined commercial and technical decision making, relentless pursuit of progress, and accountability. Presently, Obsidian Energy is well positioned with the appropriate assets, a strong balance sheet, and sensible hedging strategy that will help them to set a performance standard even in lower price situations. Apart from the name change, the company’s shareholders approved the entire resolutions outlined in the Notice of 2017 Annual and Special Meeting and the Management Proxy Circular of April 30, 2017.
The company’s oil and gas fields are found in Alberta, which is along the Western Canadian Sedimentary Basin. The region is among the leading petroleum reserves in the world. In Alberta, oil and gas production comes from three main areas, which are the Peace River oil sands, the Alberta Viking, and the Pembina Cardium.