A renamed Obsidian Energy Sees Brighter Days Ahead

Formerly known as Penn West Petroleum Ltd., Obsidian Energy is an oil and gas mid-sized company based in Canada. Thanks to company’s evenly-balanced portfolio of good-quality assets, the company boasts a daily output of 30000 Barrel of Oil Equivalents (BOE). The values that drive the business are burning passion, an entrepreneurial spirit, high accountability to stakeholders and discipline. Working from this stand the company has also built a stable organizational structure that has facilitated a steady output of high volumes of BOE.

 

Explaining the change of name, the management posts on their website that the corporation went through substantial alterations in every aspect of its structure that affected all parts of its business. Obsidian thus culminated in the change of its identity and also leading the leadership to define where it would move from there. The company claims to have come out stronger and more versatile than before and promises even higher efficiency and performance in its new identity as Obsidian Energy.

The Company, which is based in Calgary, Alberta, where most of its oil and gas fields are, was among the S&P/TSX 60, the most substantial top 60 companies on the Toronto Stock Exchange. Between 2005-2011 the company attained a pinnacle market capitalization of $9.5 billion.

Located in the region that ranks top among the world’s deposits of oil, the Western Canadian Sedimentary Basin, the company’s location allows future expansion and growth.

 

In a notice to the shareholders, David French, the Obsidian Energy’s President, and its CEO said that the firm was at a good point given its right assets, a promising balance sheet and a hedging strategy that was prudent and unique.

 

Obsidian has sustained its listing at New York Stock Exchange and at Toronto Stock Exchange remarkably surviving the slump of oil prices that hit the petroleum market in the years preceding 2010. In a demonstration of the promise for brighter days ahead, the company has steadily grown and expanded its assets since the new CEO took over. The President says the Obsidian Energy would be sustaining a prudent decision-making to build and sustain its share value and market share. Visit This Site for more info.

 

Read More: https://www.obsidianenergy.com/