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Obsidian Energy Strives to Improve Operations

Obsidian Energy is a Canadian oil and natural gas company that is located in Calgary, Alberta. The gas and oil fields are located in a region of one of the world’s largest petroleum reserves. Prior to Obsidian Energy, the company was known as Penn West Petroleum, Penn West Exploration, and Penn West Energy Trust.

 

At one point, the company was the sixth largest company in the Toronto Stock Exchange. The company experience financial difficulties in 2014 when there was a significant decrease in crude oil prices. The decrease forced the company to restructure the majority of their assets throughout the next two years in hopes of reducing debt. As of June 26, 2017, the company changed its name to Obsidian Energy. The assets and organizations within the company deliver the best results that allows the company to succeed in the industry.

 

The company has made a number of significant changes that have allowed the company to grow. Obsidian focuses on having a positive impact on communities. They are committed to conducting their operations in a respectful and responsible manner. They encourage their employees and contractors to openly communicate with residents about the impacts and concerns involving the gas and oil operations. The company aims to reducing the impacts of their operations on the environment. Anyone that has any questions or concerns about the operations of the company is encouraged to email or call their toll-free number. See This Article to learn more about the company.

 

The CEO of Obsidian Energy is David French. French became CEO of the company in October of 2016. Prior to Obsidian Energy, he was the President and CEO of Bankers Petroleum Ltd. Obsidian Energy currently has three operations. These operations include: Alberta Viking, Cardium, and Peace River. In conclusion, the company strives to guarantee that all stakeholders have a good understanding of their business operations.

 

Visit: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

Newly Named Obsidian Energy Looks Toward The Future

Obsidian Energy is an oil and gas producer with a high number of quality assets that help them produce thousands of boe per day.

 

Obsidian Energy was formerly known as Penn West Petroleum, and they announced earlier during the year that the company shareholders agreed to change the company name. At that same meeting, Penn West Petroleum announced that their stock symbol will be changed to OBE on the Toronto Stock Exchange, as well as the New York Stock Exchange. See This Page for More Info.

 

David French, The President and Chief Executive Officer of Obsidian Energy, believes that the future is bright. French believes that the name change is the next step in the company’s evolution. Obsidian Energy will emphasize a never-ending pursuit of innovation and progress, responsible decision making to help build the company, and full transparency with company shareholders, business partners, and the community that they serve. French says that Obsidian Energy will make an impact because it has great assets, a unique hedging strategy, and a balance sheet that will help the company reach their goals regardless of the environment.

 

Alberta Viking

 

Obsidian Energy relies on Viking products for their infrastructure. They have ownership over the entire Esther area. Alberta Viking has a combination of gas and light oil with quick cycle wells. This allows for lengthy cycle activities.

 

Peace River

 

Obsidian Energy and The China Investment Corporation collaborated to announce The Peace River Operated Partnership. The companies will use the available oil resources to establish cold flow production. The partnership has built up many years of inventory due to successful economics.

 

Cardium

 

The Cardium is an important part of Obsidian’s success. Obsidian Energy uses an integrated water flood strategy to keep reservoir pressure that reduces the decline rates on new wells. The Cardium has used water floods to increase recovery rates, as well as production.

 

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Obsidian Energy

*An in depth look at Obsidian Energy:

 

Obsidian Energy is a gas and oil production organization. Obsidian Energy is headquartered in Calgary Alberta. The company is currently listed on the Toronto Stock Exchange. Obsidian Energy obtains most of their gas and oil from the Canadian Basin. The Canadian Basin is an area in which several oil and gas establishments are located.

 

Obsidian Energy was previously operating under the name of Penn West Petroleum. Following a company merger in early 2017, Penn West changed its name to Obsidian Energy. The Company is now a publicly traded organization.

 

*CEO/ Corporate Officers:

 

David French is currently the Ceo of Obsidian Energy. Mr. French has been with the organization for a period of two years. He has extensive experience with business development matters. In addition, David French has the ability to identify and meet the needs of each client.

 

*Educational Background/ David French:

 

David French graduated from Rice University with a Bachelor degree in Business Administration. In addition, He obtained his MBA from Harvard University.

 

Baytex Energy Company is one of Obsidian Energy’s oil and gas producers. In addition, Obsidian Energy has affiliations with Point Energy Company. The organization has experienced exceptional growth since David French assumed the position as CEO of Obsidian Energy. The company also reached Peak Market Capitalization which helped Obsidian Energy to become a more recognized oil and gas production company not only in Alberta but in other parts of the world.

 

Investors seemed to take an interest once the merger between Obsidian Energy and Penn West was completed. It seems that stocks related to Obsidian Energy payed high dividend returns. Read This Article to learn more.

 

For additional information about this organization please view www.obsidianenergy.com. The company web site is quite informational and is updated on a regular basis. Any new company information as well as corporate governance issues can be found on the Obsidian Energy web site.

 

More: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

Penn West Restructures And Changes Name To Obsidian Energy

On June 26th, 2017, Penn West Petroleum Limited turned on a new leaf by formally changing its name to Obsidian Energy. This move came after 92 percent of the shareholders voted in favor of the same. The change of name for the oil and natural gas production company based in Calgary, Alberta, didn’t just happen. The shift comes after the company survived a commodity price crash, four years of high debts and an accounting scandal which resulted in operational and financial difficulties. These necessitated a change to give the company a new face.

 

In July 2014, Chief Financial Officer David Dyck discovered irregularities at Penn West and reported that nearly $300 million in expenses had been miss-classified. The error forced the company to restate its financial reports for 2012, 2013 and the first months of 2014. As a result, there were class-action lawsuits in the United States and accounting irregularity related lawsuits in Canada.

 

Obsidian embarked on asset sales after the scandal, which helped to reduce the net debt from three billion dollars to $384 million. Starting late 2012 to June 2014, the company had reduced its workforce by almost 50 percent. In a bid to cut further on expenses, Penn West also decreased its employees from 1,415 to 407 at the end of 2016. Its production was reduced from 135, 000 barrels to 28, 000. There was a suspension of dividends payment and compensation for the board of directors cut. Refer to This Page.

 

Obsidian Energy has its oil and gas fields in Alberta in a region known as one of the largest petroleum reserves in the globe. Its three main areas of production are Alberta Viking, Peace River oil sands, and the Pembina Cardium. The intermediate-sized oil and gas production company now has a well- balanced portfolio with an estimated production of 30,000 barrel of oil equivalent per day (BOE/D).

 

As currently constituted, the organization is now leaner and has resolved to be accountable to its partners, the shareholders, and the communities in which it is based. It plans to pursue growth within the next three years through a modest budget that is commensurate with the price of gas and oil.

 

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New Obsidian Energy Company; A New Chapter for Canadian Petroleum Industry

Perhaps only one thing has been certain in the petroleum industry in recent years: That things will change. A decade of volatile markets, the rise of alternative energy sources, competition and a number of other global factors continue to transform the very fabric of the world’s energy sector.

 

Rising out of the ashes of a constantly shifting landscape is Obsidian Energy Ltd. of Calgary, Alberta. The company was formerly Penn West Exploration Ltd. Restructuring and resizing of the company resulted in the name change which went into effect June 2017.

 

Obsidian’s Energy owns assets in Alberta along the Western Canadian Sedimentary basin where some of the largest known petroleum reserves are located. Developing these resources is expected to put Obsidian Energy on track to produce about 31,000 bbl. per day.

 

Industry analyst say that Obsidian Energy is a company that has reacted to a changing energy sector not just by downsizing, but by transforming itself from the ground up. Today Obsidian stands as a strong, leaner company with a nimbler corporate culture and increased ability to react to shifting world demand for energy.

 

That’s part of the reason the new company chose to put “Obsidian” in its name. Obsidian Energy CEO David French explained that obsidian is a form of volcanic glass that can be “shaped, sharpened and honed” to meet specific needs. See This Page for More Info.

 

Mr. French joined Obsidian Energy in October of 2016. He is the former President and CEO of Bankers Petroleum Ltd., also a Calgary-based company. He is joined at Obsidian by David Hendry who will serves as chief financial officer and Tony Berthelet, Vice President of Development & Operations. The team is rounded out by Andrew Sweerts, Vice President, Production & Technical Services and Mark Hodgson, Vice President, Business Development & Commercial.

 

In addition to producing positive returns for shareholders, the new Obsidian Energy philosophy displays a strong push toward responsible environmental operation. The company will extract and process petroleum in the Western Canada region leaving behind the smallest footprint possible – including superior site abandonment and reclamation practices.

 

Obsidian Energy looks forward to a bright future in energy development.