Many companies have been involved in the oil and natural gas production business which has proven to be of great importance to the economy of the world. One such company whose primary function is oil and natural gas production is the Obsidian Energy Ltd. The company is based in Canada and was founded in the year 1979.Obsidian Energy’s headquarters are in Calgary, Alberta along the Western Canadian Sedimentary Basin. The three main chief production areas in Alberta include the Alberta Viking, the Pembina Cardium, and the Peace River oil sands. The company currently has an approximate of three hundred employees.
Obsidian Energy Ltd originally had different names including Penn West Petroleum Ltd, Penn West Energy Trust, and Penn West Exploration Ltd until its name was changed to Obsidian Energy on the 26th of June 2017. The resolutions made by the company were all agreed by all the shareholders in the annual general meeting 2017 in their notice. The CEO and President of the company stated in a recent interview that the name change was their final transformation step. The change in name of the company also went along with the change in the company’s stock symbol which will now be OBE on the New York Stock Exchange and also the Toronto Stock Exchange.
As Penn West Petroleum, Obsidian Energy was a Canadian Royalty Trust (CANROY) company from 2005 to 2011 which also included other different oil and gas production companies like ARC Energy and Fairborne Energy. In 2011, Penn West then made the decision to become a conventional corporation from a CANROY corporation. Obsidian Energy has made three key principles which will guide them in their operations. They include maximum dedication from the shareholders and partners, massive innovations and effective decision- making in the commercial and technical sector to protect the business’s value.
Obsidian Energy has also made several efforts to protect residents of their places of operation against adverse conditions. One such effort is the Community Matters Program, a program aimed at assessing damages that may cause health conditions to the residents and how to reduce the damage. Obsidian has proven to show its dedication to keeping the environment safe and protecting the community.
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