Obsidian Energy is an oil and petroleum company who have been able to serve the industry over the years bearing hard economic times. But as they always say, the company found the need to keep up rather than quitting. The firm CEO Dave French supported the recent idea of adopting the name Obsidian Energy. Previously, the company was known as Penn West Petroleum, but recently the shareholders held a meeting and agreed to change the name by a significant margin of 92%. Obsidian Energy reveals that they have established a plan to improve its operations over the next several years as by laying out a spending budget that will be conducive to the challenges facing the oil and gas prices in the market.
Dave French said that they want to adopt the name to Obsidian Energy because they found it to be perfect and matches the work of the company as the name Obsidian means something unique like glass found in the natural volcanic that can be honed and sharpened to the owner’s needs. The management reveals that the last few years have been so tough economically for the company as they were surviving under high incurring debts that forced some investors to present lawsuits against them. Due to the efforts of a committed and dedicated management team, Obsidian Energy was able to steer up through the struggles and settled all the debts by the end of last year.
They sat down on the board of the Obsidian Energy and discussed on working measures that would help them get back to a full-scale profit-making company. One of the measures they took is to sell some assets and were able to minimize their debt standings to $384-million. This was a major achievement when you look back at the year 2013 when their debt had accumulated to $3-billion. As of now, Obsidian Energy says that they are going to start a new chapter as things are now getting positive. Obsidian will concentrate on three major areas in which they will implement and make a roadmap to follow. They are concentrating on building highly disciplined commercial and technical decision-making platform which will help in reclaiming their value again. The second principle is to pursue innovation relentlessly with the use current technology and establish a transparent interaction between the shareholders, partners and the surrounding community as a whole.
Go To This Page for more information.