Canadian Company Penn West Exploration Ltd Renamed To Obsidian Energy
Obsidian Energy, formerly known as Penn West Exploration Ltd, is a renowned Canadian oil and natural gas production company. Obsidian Energy serves as a medium-sized company and is found in Calgary, Alberta. Toronto Exchange market recently ranked Obsidian Energy as one of the top 60 firms on the merit of its scale of operation.
Between 2005 and 2011, Canadian Royalty Trust peaked in the market with a capital worth $9.5 billion in 2008. A decline in the value of crude oil significantly dropped the company’s capital in 2014. This subjected the company to massive restructuring and financial crisis.
Obsidian Energy oil and gas fields are found in Alberta. Obsidian obtains its crude oil from Western Canadian Sedimentary Basin, which forms one of the largest global petroleum reservoirs.
Obsidian oil and gas production is mainly carried out at Peace River oil sands, Pembina Cardium, and Alberta Viking. The company expects to produce over 31,000 bbl of oil products by the end of 2017.
Obsidian Energy acquired its name in June 2017, from Penn West Exploration Ltd. The company management stated that the renaming was necessary and timely to enable the company to meet its goals in the next three years. A close focus has now been given to oil and gas dynamic market prices to help apply proactive measures of countering extreme drops.
Renaming of Penn West Exploration Ltd received a 92% vote from the company’s shareholders. This unanimous change demonstrates that Obsidian Energy is now set to meet even better results in terms of performance.
According to Dave French, the chief executive officer at Obsidian Energy, the company settled for the name Obsidian because of the impressive attributes of obsidian rock. For instance, this naturally occurring volcanic glass can easily be honed and sharpened. High debt levels experienced at Penn West will now be reduced and minimized with the new strategies in place.
Obsidian Energy advocates for three main principles. These are relentless innovation, professionalism in commercial decisions and enterprise values, and high levels of partner, shareholder and community transparency. Obsidian Energy is now keen on implementing its strategies to meet high standards of performance.
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