Obsidian Energy: A Canadian Energy Supplier

Penn West Petroleum recently changed their business name into Obsidian Energy. They are dedicating themselves to provide the energy requirement of Canada and the medium-sized petroleum company stated that they will be exporting other reserves to the foreign market. Obsidian Energy came to be after the board of directors who are serving the Penn West Petroleum decided that the only way to save the company going downhill is to undergo a restructuring and rebranding process. All of the officials working for the company were either replaced or assigned to a new department, and after the change in name, Obsidian Energy promised to become more aggressive in serving the market.



Obsidian Energy was once named as one of the top companies in Canada, and they regularly receive a distinction saying that their stock market performance is superb. Because of the nature of their industry, Obsidian Energy posted an average annual revenue of about $9 billion, and they felt like their performance will last forever. The management working at Obsidian Energy felt like their growth would last for decades, provided that the price of oil and petroleum will keep its standard. However, everything changed in 2014, and Obsidian Energy never imagined that what they’ve built for a long time would crash instantly. As Russia and Iran manufactured more oil creating a huge surplus, the prices of oil and petroleum started to dwindle. Huge petroleum companies started to feel the effect, and their products soon became cheaper. For companies like Penn West petroleum, the effect of the price drop is devastating. They would have to lay off thousands so that they can cut their expenses. From having thousands of employees, only a hundred remained.



Obsidian is rooting to restore their previous status s a profitable company. They left a huge number of oil and petroleum wells in Northern Canada, and they are using these remaining oil and petroleum wells to get the remaining resources which they could sell someday. Recently, Obsidian Energy managed to extract more than 31,000 barrels of oil per day. They would love to sell it to the market to retrieve their previous revenues. Visit This Page for additional information.



Related: https://www.bloomberg.com/quote/OBE:CN

Obsidian energy remains upbeat in its outlook for the year

Obsidian Energy is a Canadian mid-sized oil and natural gas producer. The firm was, prior to June 2017, known as Penn West Petroleum. In his signature New Year video update to the firm’s shareholders, Obsidian Energy President and CEO, affirmed the firm’s commitment to maximising value to its shareholders and to stick to its stated values of discipline, relentlessness and accountability.

The year 2017, was indeed a transformational period for the firm as it not only went through a major rebrand, but also managed to shake off the challenges that had bedraggled it to record a drop in costs and relative growth in portfolio asset performance.


The main reasons touted for this according to Obsidian Energy CEO, is a well laid out strategy meant to position the firm on the platform of a stable growth in the dynamic oil and gas industry.This strategy focuses squarely on Obsidian Energy’s core positioning in these three major portfolios in the Cardium region, Peace River region and Alberta Viking region.


The core operational strategy in the Cardium region is centred on building the Cardium water flood platform. Water flooding, commonly known as water injection, is essentially a technique where water is injected into an oil field to apply pressure and hence increase oil production. This is one of Obsidian Energy’s core strategy meant to ramp up oil output.


The Aberta Viking region on the other hand has been set up for improving the infrastructural advantage; by increasing its oil and gas infrastructure ownership in the area. Find Related Information Here.


The Peace River region alternately offers the opportunity to boost heavy oil production by Obsidian Energy. The firm reports that this is done through an operated partnership with China Investment Cooperation. Here, cold flow technique, which is used to recover heavy oil, is relied upon to continue boosting the oil production.


The firm’s CEO remains upbeat on Obsidian Energy’s prospects into the year ahead.


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Related Article: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

Obsidian Energy Developments in Oil and Gas Production

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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Taking Over Oil and Energy Production with Obsidian Energy

Obsidian Energy is a gas production company in Canada. It ventures in producing natural gas and Canadian oil. Back then, it was known as Penn West Exploration Limited and later on changed its name to Obsidian Energy. David L. French being the rightful president and C.E.O of the firm has employed 300 employees who aid in all the company’s operations. For about 11 years ago, Obsidian Energy was ranked among the top sixty large companies leading on this field which by then had peaked so well in terms of the market share.


The best character trait by this company is its ability to endure and overcome difficulties that may take the course in business operation. Currently, the oil together with the gas field for this company is situated on the Western side of Canada; a popular region is known to be one of the gigantic petroleum reserves. They are able to produce their products from three key areas but still in the similar metropolitan area. This has been the main reason behind the bulk production of their products. Obsidian Energy has quite many investments in so many other bigger organizations. This is to increase their level of earnings in a very different manner.


Before the company changed its name to Obsidian, Penn West was a combination of many gas producers into one big organization. The company has so far attracted many business dealers and other firms interested in oil and natural gas products. These oil and gas wells are situated far from a suitable environment. Where the company is situated, there is no such thing as pollution. Obsidian Energy is so conservative on matters to do with environmental matters. The company was so overwhelmed this year by their positive production and earnings and announced on how it has been all through. Click Here for Related Information.


Some of the subsidiary companies under Obsidian Energy are Cenatic Resources Trust and Sifton Energy Company. So far on the Toronto Stock Energy, Obsidian Energy still rocks since its endless efforts towards best achievements. Market capitalization is also one of the key strategies of Obsidian Energy incorporates to its day-day success.


Source: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

A Sneak Peak Into Obsidian Energy Limited

Obsidian Energy Limited is a natural gas and oil production company that is found at Alberta in Canada. The company was previously known as Penn West Petroleum Limited, but it changed its name to Obsidian Energy Limited. The relevance of this was to show that the company was ready to be honed and sharped just like when an obsidian glass gets formed through a volcanic act. The name got changed after the concerned shareholders approved the act.


Since the company rebranded itself, it has undergone considerable positive and tremendous change. For example, it can now fund growth platforms, has a new management that is competent to guide the company growth, it has the right hard-working people that possess the company’s assets, and still, it has revised its procedures and policies so that it can it fulfill its needs. After rebranding the company has concentrated its development to Alberta alone compared to Penn West which had focused on having assets throughout the four provinces of Canada. The group is enthusiastic to achieve its goals and bear relevant results. It is also led by an intention and purposes to learn and act accordingly to continue growing commercially and even technically.


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The company has a team of management that has excellent knowledge and experience in ensuring that the company achieves its goals. This group comprises of David French who is the chief executive officer and also the president. David joined the company in October 2016. Being a bachelor’s degree holder from Rice University and a master’s degree in business administration, David has all it takes to make Obsidian achieve its goals. He has worked in other big companies Bankers Petroleum Ltd where he served as the president. As a result, this has enabled him to gain the relevant skills and experiences needed.


Obsidian is also committed to making sure that it conducts its operations responsibly and respectably to minimize its impact on the environment. Due to this commitment, they have set an email and free toll number to allow the community to communicate any concerns concerning its operations. It also has programs that aim at maintaining the environment.


Visit: https://en.wikipedia.org/wiki/Obsidian_Energy