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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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.
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.