Shareholders Vote To Rename Penn West Petroleum As Obsidian Energy

The medium-sized Canadian gas and oil producer, Obsidian Energy, achieves a 30,000 boe daily average, which is quite impressive. The company’s portfolio is far more well-balanced than many others in the industry, and it is comprised of some assets that are actually of great value. While Obsidian Energy used to have over 30 production areas they now focus on four. These had been their most profitable production areas and have the most proven oil reserves. The areas in which they work have some of the largest oil reserves on the planet. These four production areas are Pembina Cardium, Deep Basin, Alberta Viking, and Peace River.

 

With these assets and a great management team in place, Obsidian Energy has been able to build a platform that continues to deliver consistent results year after year. Members of this management team believe that an undying entrepreneurial spirit will be the key to surviving in such a rapidly evolving industry, as well as continuing to find success in the long term.

 

Discipline is one of the core values of Obsidian Energy, as well as accountability. The surrounding communities deserve just as much accountability and attention as Obsidian Energy’s shareholders and business partners within the industry. Obsidian Energy’s management team believes strongly in this principle and strives to remain wholly accountable to all of these people throughout the organization’s operations. Go Here for more information.

 

Despite the fact that this organization is now known by the name of Obsidian Energy, it used to be called Penn West Petroleum Ltd. not so long ago. In the summer of 2017, several adjustments were made within the company, and particularly on the structural level. This prompted the organization to take a vote among their loyal shareholders. These shareholders voted overwhelmingly in favor of a new name for the organization. As a result, Penn West Petroleum Ltd. became Obsidian Energy Ltd. on June 26, 2017.

 

Obsidian Energy CEO David L. French has remarked that the name came from a type of volcanic glass that is able to be “sharpened and honed.” Obsidian Energy’s leadership hopes to sharpen and hone the organization’s strong platform in the pursuit of moderate growth throughout the course of the upcoming three years.

 

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

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