THE FRESH ENERGY IN OBSIDIAN ENERGY

Obsidian is described as a type of black or dark glass formed from cooling lava (after a volcano) that has strong metaphysical properties. The 26th of June 2017 saw Penn West Petroleum Ltd make changes to its name and thus to become Obsidian Energy Ltd under the new President and Chief Executive Officer; David French. This man took office in October 2017. Penn West was founded in 1979 and has oil and gas wells throughout western Canada.

 

The Canadian production company is based in Calgary, Alberta. Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves. Obsidian’s oil production comes from three key areas in Alberta: the Alberta Viking, the Pembina Cardium and the Peace River Oil Sands.

 

This name change was approved by a majority ninety-two percent of the shareholders. The decision was made via ballot vote. The Calgary oil and gas company will no longer resemble the “old Penn West,” and the company chose that specific name because the obsidian glass can be “sharpened and honed” as is what is expected. Read This Article for more information.

 

This marked a fresh chapter for the organization. David French looks to steer it based on three aspects: controlled decision-making on entrepreneurial and technical matters so as to create and shield business value, unyielding pursuit of advancement and creativity, and liable and honest efforts with the company’s shareholders, the partners and also the community in which the company operates.

 

The company previously underwent important changes that had an effect on each aspect of their business. Selling off assets made enablement for a reduction on its net debt while working on concentrating its attention on four key areas of production. The employee count as well as production were also reduced. This is what pushed Obsidian Energy’s agenda of redefining it and where and how it grows from. In their terms, the company is said to have resurfaced tougher, leaner and more capable than ever. Obsidian aims at pursuing modest growth over the next three years.

 

In terms of production of oil and gas, Obsidian Energy is mid-sized with a stable portfolio of assets of great quality. The production for this year is approximately 30,000 barrels of oil equivalent per day. The plan is to spend budgets tightly tied to the price of gas and oil. With these assets and the organization built around them, the appropriate platform to out bring the final balance of results is set. Success in this ever-changing industry is also guaranteed based on this entrepreneurial spirit. This is clearly set to be a new exciting path.

 

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