How Obsidian Energy Transformed Into A New Company

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.

 

Source: https://www.obsidianenergy.com/