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.
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.
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.
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.