The Obsidian Energy Company is a Canadian oil and Natural Gas Company located in Calgary, Alberta a region which is one of the largest petroleum reserves. It was formally known as the Penn West Exploration Ltd. The choice of the name got inspired by the nature of the obsidian. It’s a volcanic glass that typically forms and can be easily fashioned and honed. This choice got a ninety-two percent approval from the shareholders. The Pembina Cardium, Alberta Viking, and the Peace River Oil Sands are the primary production area, with an average of about thirty-one thousand barrels of oil per day, of the total production in 2017.
The name change that enforced on 26th of June 2017 from Penn West Exploration Ltd, marked a new chapter in the annals of the corporation and the launch of the company’s guiding principles: excellence in industrial and financial decision making; innovation and pursuance of advancement; accountability and transparency with the bondholders, associates, and the immediate population. It has influenced every phase of the company’s business, redefining it and making it rise higher, leaner and more competent than ever.
The company is suitably positioned, endowed with the fitting assets, and proper accounts that make it possible for it to thrive even in the unproductive environments. Under the management of its new Chief Executive Officer, David French, Obsidian Energy has embarked on pursuing growth in the coming years and making the adjustment in the budgets where need be as well as regulating the oil and gas price. They aim at providing the right staging to deliver exceptional returns that will ensure not just the survival but also success as the industry keep of evolving.
Obsidian Energy has managed to reduce its net debt to three hundred and eighty-four million dollars compared to the three million dollars in 2013 by the selling assets, reducing the number of its employees and cutting on its production. The lawsuits against the company by the relevant investors got resolved as of last year. Additionally, Obsidian has also restructured to give intense focus to some four key production areas to ensure maximum production gets realized.
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