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.