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Penn West Petroleum Ltd. Changes Name To Obsidian Energy Ltd.

Formerly Penn West Petroleum Ltd., one of the key players in the energy field in Canada underwent a name change on June 26, 2017, and became Obsidian Energy Ltd. The company’s shareholders voted 92 percent in favor of the change. The name choice itself is actually is closely tied to the fact that obsidian is actually a type of volcanic glass that is naturally-occurring and can be honed and sharpened, much like the new and improved emerging Obsidian Energy. The company is a Canadian gas and oil producer that is considered to be intermediate in size. Obsidian has a portfolio that is well-balanced and includes many high-quality assets. The company produces approximately 30,000 boe (Barrel of Oil Equivalent) daily as per their 2017 projections.

 

Three Basic Obsidian Principles

Through their never-ending entrepreneurial spirit and serious attention to their bottom-line results, the people at Obsidian Energy have been successful at building the company into what it is today. And, that is a Canadian company based in Alberta with three basic principles, according to Obsidian’s President/CEO, David French, in a recent statement. Those three principles are namely:

 

  1. A relentless pursuit of innovation and progress,
  2. Highly disciplined decision-making processes, both technically and commercially, for building and protecting the company’s enterprise value,
  3. Efforts aimed at their shareholders and partners, [as well as within the specific communities where they operate], to always maintain their accountability and transparency.

 

Read This Article for more information about the company.

 

Wells Throughout Western Canada

Obsidian Energy is now an energy company that is well-positioned within their field with a prudent strategy for hedging, proper assets, and a balance sheet that continues to be healthy and that will allow. These aspects of their corporate structure are allowing the company as a whole to set high-performance standards even in environments that are lower in price. Founded in 1979, Obsidian Energy Ltd. is traded publicly as TSX: OBE and OBE on the New York Stock Exchange. They currently employ 300 employees at their headquarters in Calgary, Alberta, Canada, and have gas and oil wells throughout western Canada.

 

See Also: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-shareholders-approve-name-change-to-obsidian-energy/article35463586/?ref=http://www.theglobeandmail.com&

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