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Obsidian Energy is a mid-sized Canadian oil production company that is found in Calgary, Alberta. Obsidian Energy Ltd., initially known as Penn West Petroleum, has undergone significant restructuring and has transformed thus emerging stronger, leaner and ready with enough potential for substantial growth towards a brighter future with its president and CEO is David French.

 

At the Annual General Meeting of shareholders, several of the company’s executives admitted to being accountable for financial irregularities experienced, and this was deemed as a major blow to the stability of Obsidian Energy.

 

The Penn West Petroleum Ltd. decided to change its name after it suffered a serious debt crisis in the past three years. This scandal led to lawsuits from its investors which were settled last year although it foresaw the company selling many of its assets for it to be able to repay some of its debts to the various investors.

 

An overwhelming majority of its shareholders, about 90% voted in consent to the change in name to Obsidian Energy, and its major plans are to go after modest growth shortly. As the CEO declares, Obsidian is a naturally occurring glass that can easily be sharpened hence they decided that this name was the best as it related to their course. It is a young company that is set and ready to develop into a brighter future.

 

In 2014, July, Penn West declared that most of its resources had improperly classified thus this contributed majorly to the declaration of the company’s insolvency, but this has been changed over time and resources allocated majorly to the production of oil. It currently produces only 28,000 barrels of oil and has only about 407 employees thus it has reduced its scale of production.

 

All said and done; it is now crystal clear that the irregularities that the Penn West Cp. Ltd. experienced made the Obsidian’s production levels to drop significantly but after the change of its name to Obsidian Energy Ltd., all is set to be well with major advancement aims for 2018 under its new CEO and President, David French. It is set to gain back its market value. Go Here To Learn More.

Obsidian Energy can well be described as an intermediate oil and gas company. The oil and gas company is based in Canada. When it was established, the gas and oil organization was known as Penn West Petroleum Ltd and it has been carrying out their operation in Calgary, Alberta. In the early days, the firm was recognized as the sixty largest firms from Toronto Stock Exchange that is from 2005 to 2011. Obsidian Energy was Canada Royalty Trust. In 2014 crude oil prices fell significantly, and Obsidian Energy was in crisis, it was forced to sell some of its assets to reduce debt. The name Obsidian Energy was obtained on June 26th, 2017.

 

The gas and oil group did not only change its name, but the change of name also came with the change of the firm’s business operations. The management of the group took the change as an opportunity to define their organization, its expansion as well as future plans. The team has begun to experience changes in their growth as well as experiences. Obsidian Energy has created an environment that will enable them to deliver and produce quality services as well as products as they realize their goals to succeed in the oil and gas industry.

 

Obsidian Energy does not only think of how they can increase their profits and expand their portfolio, but the community responsibility is also part of them. Their mandate is to make a positive impact in the society in which they live and operate. Obsidian has a Community Matters program which is answerable for caring about the community in which their staff, as well as the contractors, operates. The oil and gas group take the accountability of communicating with the community about the impacts of oil and gas procedures. As they communicate openly with the residence, they also have another duty of making sure that the negative impact on the environment is reduced. Obsidian also has a safety program which protects the society, their staff, the environment as well as friends and families from the accidents that may occur. The management team of the organization continues to seek other safety measures. The oil and gas fields of Obsidian Company are located in one of the largest oil fields in Canada; Alberta.

 

Visit This Page to learn more about the company.

 

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