Obsidian Energy was once known as Penn West Petroleum Ltd., until June 26, 2017, when the company formally changed its name. Obsidian Energy is based out of Calgary, Alberta, Canada, and the Western Canadian Sedimentary Basin, and is a company that produces oil and natural gas.
Following an “accounting scandal, debt crisis, and commodity price crash” which lasted more than three years, Penn West formally announced they were changing their name to Obsidian Energy. The shareholders were pleased and excited with the change. They also changed the stock symbol to “OBE” on the Toronto and the New York Exchange. The name change was the final step in the transformation of the company. The name is not the only thing that has changed, former Calgary CEO, David French, states the company bears no resemblance to the old Penn West.
Penn West had improperly classified hundreds of millions of dollars in expenses; this was discovered in July 2014, resulting in the 2012 and 2013 finance reports requiring restatement. By changing their name and modifying the way they handle the sale of assets, the company and its shareholders look forward to being able to recover from the past mistakes and poor judgement calls. Find Related Information on this page.
Obsidian Energy has already reduced the debt margin created by Penn West from nearly $3 billion at years end in 20013, to $384 million by this past March 31st.
By cutting their debt ratio, and scaling back on the overall company size, Obsidian Energy has made great changes in the way the company handles its business. Now producing 28000 barrels of oil per day, compared to 135,000 in 2013. Even the number of employees is down from three years ago–1415 in 2016 to just 407 currently.
This new year is a new beginning for Obsidian Energy, as everyone involved is looking forward to a new chapter.
Obsidian Energy Ltd. is a company in the oil and natural gas industry which is headquartered in Calgary, Alberta. Obsidian Energy operates oil and gas wells throughout the western Canada region. This area holds one of the biggest petroleum reserves in the world. Their main three areas that Obsidian Energy has wells in are the Peace River oil sands, Alberta Viking, and Pembina Cardium. Overall Obsidian Energy pumps about 31,000 barrels of oil each day from the wells they operate.
Up until mid-2017 the company was named Penn West Petroleum Ltd. It was renamed Obsidian Energy Ltd. in June 2017. This was a result of a complete transformation of the company where it emerged from some difficulties, some of which were a result of the drop in the value of a barrel of oil that has happened in the last few years. It grew into a leaner and stronger company and so to make a fresh start the name of the company was changed to reflect a new beginning.
Obsidian Energy is led by its President and Chief Executive Officer David L. French. He joined the company in October 2016. He has worked in the gas and oil industry for decades. The other key executives of the company are Chief Financial Officer David Hendry, Vice President of Development & Operations Tony Berthelet, Vice President of Production & Technical Services Andrew Sweerts, and Vice President of Business Development & Commercial Mark Hodgson. Go Here To Learn More.
Obsidian Energy is a mid-sized company. It is also a publicly traded company where its shares are traded on the New York Stock Exchange and on the Toronto Stock Exchange. When the name of the company was changed they also changed the stock ticker. The new stock ticker is “OBE” and everyone that had shares in the company had their old ones replaced with this new one.
At Obsidian Energy they are committed to be a positive influence in the communities that the company operates in. They have a program called “Community Matters” they are respectful of the residents where they operate and strive to keep communication channels open about what they do with the general public.