Obsidian Energy, previously known as Penn West Petroleum Ltd is a Canadian-based oil and natural gas Company. They operate from Calgary, in Alberta and was one of the sixty largest companies at the Toronto Stock Exchange. The company also has changed its stock symbol on both New York Stock Exchange and Toronto Stock Exchange. The company’s oil fields are located along the Western Canadian Sedimentary Basin in Alberta, which is one of the world’s largest petroleum fields.
David French, the Company’s President and Chief Executive Officer says the name change is in line with the aim of starting a new chapter. Obsidian Energy will be guided by three principles which are disciplined technical and commercial decision making in building and protecting the value of enterprise, relentless pursuit of innovation, transparent and accountable efforts with the shareholders, partners and the community in which Obsidian Energy operates. The company also seeks to set a new standard for performance even in lower price environments through a healthy balance sheet, prudent hedging strategy since they are well positioned with the right assets.
Obsidian Energy’s production areas include Pembina Cardium, the Peace River Oil sands and the Alberta Viking. The company expected its total production for the year 2017 to be approximately 31,000 bbl equivalent per day. Obsidian Energy also looks forward to pursuing modest growth in the next three years. The spending budgets will be tethered to the prices of oil and gas. Changing the company’s name was a unanimous decision of all the shareholders.
The shareholders also approved the resolutions in the Notice of 2017 Annual and Special Meeting and Management Proxy Circular. The circular dates back to April 2017 and its details can be found at the company’s website. Visit This Page for additional information on Obsidian.
The company has however gone through tremendous changes over the years. It has managed to reduce its net debt from almost $3 billion as of 2013 to about $384 million in March 2017. This was occasioned by the ability of the company to make sales of some of its assets. Obsidian has also managed to cut the large number of employees.