Obsidian Energy Ltd (OBE) refers to a Canadian oil and natural gas producer, development and production organization. The organization has many portfolios of opportunities under its management including Alberta Viking, Pembina Cardium and Peace River Oil Sands of Alberta. The Alberta region is among the globe’s biggest petroleum reserves. OBE as a company is founded on principles such as relentless passion, discipline and accountability to its shareholders, partners and the entire community in which it operates.
Formerly, Obsidian Energy Ltd was known as Penn West. David French became the firm’s CEO in October 2016 and in May 2017 he proposed that Penn West name be changed. This is because the company had many significant changes and needed a new name to match its new beginning. According to French, the name Obsidian Energy Ltd was the best choice as ‘Obsidian’ is a term referring to naturally occurring Volcanic glass that can be manipulated through sharpening and honing.
After successful restructuring owing to several operational and financial irregularities that developed when crude oil prices fell drastically in 2014, Penn West was now smaller in size with an expected daily production of 28,000 barrels of oil in 2017 down from 135,000 barrels produced in 2013. It had also reduced its personnel from 1415 in 2013 to 407 at the end of 2016. Read This Article for additional information
On June 2017, it was announced that Penn West Petroleum LTD had successfully changed its name to Obsidian Energy Ltd following approval by the firm’s shareholders. Moreover, the stock symbol on the Toronto Stock Exchange and New York Stock Exchange were changed to OBE. No shareholder holder approval was needed to alter stock symbols.
During a press briefing, David French clarified that now Obsidian was on the right track of success owing to its fit balance sheet, right assets and a prudent hedging policy that will enable the company to thrive amidst the low-price economy. Besides changing the company’s name, in the same meeting, shareholders approved other resolutions that had been documented and dated April 30, 2017. Such activities included the appointment of auditor and election of directors among other company amendment activities.