It Is A New Dawn For Obsidian Energy

Obsidian Energy Ltd is a natural resource company dealing with natural gas and oil production. The company is headquartered in Western Canada and has built an unmatched reputation with their asset values and employees’ productivity. With all these, the company has remained to be successful under the able leadership of Chief Executive Officer and President, David French. With the opening of branches in various communities, Obsidian Energy Ltd has grown in the number of shareholders and investors with their stock exchange markets.

 

Obsidian has several subsidiaries including Sifton Energy Inc , Canetic Resources Trust and Endev Resources Partnership. Currently, the company has approximately 300 employees on staff.

 

Formerly, the company operated as Penn West Petroleum Ltd before it changed its business name to Obsidian Energy Ltd. This massive change within the company has heightened the operational standards at Obsidian Energy Ltd with their stock exchange markets attracting more clients and shareholders.

 

David French is excited and positive that this new chapter the history of the company will be fueled by valuable principles to ensure that the company maintains its standards. The core principles include corporate and skilled decision making, relentless struggles to maintain Obsidian Energy’s progress and transparency and maximum collaboration between the Obsidian Energy and its reliable shareholders.

 

Most importantly, the company has employed qualified staff who will be responsible for balancing their worksheets for the company’s sales. To add, Obsidian Energy Ltd has also organized the election of directors and nomination of auditors who will be in charge of annual meetings held for Shareholders.

 

Obsidian Energy Ltd and its shareholders invented more profitable approaches towards their energy business. With this at hand, the company is set to thrive in all business environments regardless of the market prices in various business environments. The production processes involved in mining natural gas and crude oils have also been heightened alongside the recruitment of qualified miners.

 

Their marketing arm has also been advanced with the invention of technology have increased the market coverage for Obsidian Energy’s products. With the increase in sales, the company has equipped their financial representatives with new guidelines on how to invent better ways of managing the company’s finances. Visit This Page for additional information on Obsidian Energy.

 

For sure, sometimes change is everything that every business needs for it to perfect its operational standards while maximizing their profit turnovers.

 

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Obsidian Energy Ltd Revamping And Vision For The Future

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.

 

See More: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy