The Great Achievements of Obsidian Energy

Obsidian Energy is a Canada based oil and Natural Gas Company. The firm has its headquarters in Calgary, Alberta, Canada and has been operating in the oil industry for a vast number of years. In the recent years, the firm was the largest provider of natural oil and gas, and it used to in its early years of operation, the company was a Canadian Royalty Trust firm and later reached the peak of its production at the beginning of 2008, and was worth close to ten billion dollars. David L. French is the current CEO of the firm, and he has seen the company strive through all the challenges that most businesses go through in its daily operations.

 

Obsidian Energy owns some oil and gas wells in the broader parts of Western Canada and has successfully catered for the diverse needs of its customers over the recent years. Its gas fields are located in Alberta and operate in the Western Canada Basin, which is the largest and most lucrative petroleum reserve in the globe. The firm has strived to transform its operations since its establishment and has always adapted the modern ways of action to ensure that it moves hand in hand with ever-changing market trends to suit their clients.

 

Obsidian Energy currently produces close to thirty-one thousand bb per day, and this proves of its commitment towards achieving diversity in its production. The highly skilled and oil experts that the firm possess has seen it successfully meet most of its goals and aimed higher to achieve more. The customer services of the company are second to none, and the firm’s team of employees have always strived to maintain their customers as well as attract more for better sales of their high quality and affordable products. Obsidian Energy has grown stronger since its establishment and strives to acquire a stable growth for a better future. The firm’s team of employees have always put their best effort towards increasing the firm’s production as well as winning their customer’s trust. Obsidian has also offered its employees with safe working conditions and looks forward to growing its production in the coming years.

 

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Forging Ahead With Obsidian Energy

Mid-sized Canadian oil and gas company, Obsidian Energy has undertaken major changes that have redefined the company and its plans to move forward.

 

One significant change that took place involved changing its name to Obsidian Energy Ltd. from Penn West Petroleum Ltd. in June 2017.

 

The stock symbol will be “OBE” on the Toronto Stock Exchange and the New York Stock Exchange. Shareholders reportedly voted 92 percent in favor of the name change.

 

David French, Obsidian Energy president and chief executive officer, said in a statement, that the company is in a good place with its positive assets, a strong balance sheet and a well advised hedging approach.

 

French also commented on how the company will address three specific standards which include managing regulated industrial and commercial choices to build and safeguard the importance of enterprises along with the persistent search for progress and improvement. The third standard revolves around how the company will communicate its endeavors with shareholders, partners and communities.

 

Prior to taking on his present position with Obsidian Energy, French performed the duties of president and chief executive officer of Bankers Petroleum Ltd. He was in charge of operational and commercial development and expansion.

 

In November Obsidian Energy disclosed its third quarter results along with its 2018 outlook.

 

According to the company, its three Mannville Wells have produced substantially above expectations and the third quarter program is doing better than anticipated. In addition, waterflood performance has been remarkable as the investment has begun to yield positive results.

 

French commented the third quarter and 2018 outlook are impressive indications for what the future holds.

 

Specifically, Obsidian plans to deliver roughly five percent production progress through its drilling producing wells. Plans also call for a concentration on shorter cycles and continued development of Deep Basin and Alberta Viking. Find Related Information Here.

 

The company’s oil and gas fields are located in Alberta with production coming from three areas, the Pembina Cardium, the Peace River and the Alberta Viking.

 

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The Oil and Gas Industry with Obsidian Energy

In Canada, Obsidian Energy is among the most successful oil and gas producing companies. The firm is a mid-sized producer of gas and oil, which features a well-balanced portfolio of nouveau, high-quality technology assets with a capacity to produce approximately 30,000 bbl per day. These assets coupled with the organization that Obsidian Energy is, offer the right avenue to deliver top-notch results as well as an entrepreneurial spirit, which allows for success in the dynamic industry.

 

Notably, the firm is strictly based on discipline, professionalism, and profound passion for the work they do. The accountability to its stakeholders, including shareholders, partners and the communities in which it operates, is astoundingly resolute. Headquartered in Calgary, Alberta, the firm was among the sixty most prominent companies, for a while, on the Toronto Stock Exchange. Moreover, the organization was a Canadian Royalty Trust (CANROY) between 2005 and 2011. The company’s gas and oil fields are found in Alberta, precisely along the Western Canadian Sedimentary Basin. The region is known to be among the largest petroleum reserves in the world.

 

Production for Obsidian Energy comes from three prime regions in Alberta, including the Alberta Viking, the Peace River oil sands, and the Pembina Cardium. Formerly, Obsidian energy was known as Penn West Petroleum Ltd, the name was formally changed in June 2017. As Penn West, the firm underwent substantial changes across the organization, changes that affected all the facets of their business. These changes led to the redefining of the enterprise. Since then, Obsidian has reemerged stronger, more prosperous and capable than ever before to achieve unprecedented success.

 

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Obsidian Energy boasts of an experienced and professional team of experts, who steer its growth forward. Currently, David French serves as Obsidian Energy’s president and chief executive officer. The acting chair of the board of directors is George Brookman. Obsidian Energy’s director for the Greenwich, Connecticut is Mr. John Brydson. Moreover, Mr. Raymond D. Crossley serves as the director of Obsidian Energy Calgary, Alberta, together with David French. Other directors include; William A. Friley, Maureen Cormier Jackson, and Jay Thornton. One common thing about all these directors, including the CEO and president is their dedication to the success, growth, and development of the company, as well as ameliorating the welfare of its stakeholders.

 

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Obsidian Energy Is The Rise of Penn West

Obsidian Energy is a middle-sized company that operates in Calgary, Alberta. The Canadian company deals in natural gas and oil production. The company maintains its lead in the Toronto Stock Exchange. Alberta harbors the company’s gas and oil fields. The location of the fields is among the most extensive petroleum reserves in the world and includes the Pembina Cardium, Alberta Viking, and the oil sands of the Peace River.

 

Obsidian Energy was initially Penn West Petroleum Ltd. David French took over as the CEO of Penn West Petroleum and proposed a name change which required the approval by the shareholders to affect the name change. The CEO said the name was in order because the newly restructured company was not resembling the old institution. French sad that the New Year meant hope for them, so they had to start a fresh chapter.

 

The shareholders approved the name change in early 2017, and the company officially became Obsidian Energy Ltd. The company also changed its stock symbol on the NY Stock Exchange and Toronto Stock Exchange which did not require the approval by the shareholders.

 

The CEO of the firm confirmed their pleasure regarding the name change saying that it meant a new start for the company. French said that three principles would guide the company. The first policy involves disciplined commercial and technical decision-making to create and safeguard the enterprise value. Secondly, the Obsidian pledged to pursue innovation and progress relentlessly. The last principle dictates the transparent and accountable inputs with the firm’s shareholders, communities of operation and partners.

 

French said that the Obsidian Energy was in a better position with a sound balance sheet, right assets, and a remarkable hedging tactic that will set the company on a path to excellence even in low-price atmospheres. The company’s pursuit of progress puts it in an excellent position to take over the current market. Obsidian Energy looks forward to restructuring the market through their three principles of being relentless, accountable and disciplined.

 

During the second quarter of 2017, Obsidian Energy reported stable financials with reduced long-term debt. Obsidian Energy continues to actively extend their hedge book to underpin the future years’ development with numerous investable projects throughout the country. There is a high production of oil and gas which gives hope for the future dominance of the industry.

 

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About Top Canadian Oil And Gas Producer: Obsidian Energy

Obsidian Energy Ltd is a Canadian oil and natural gas production company. Obsidian Energy is found in Calgary, Alberta, and was formerly known as Penn West Energy Trust, Penn West Exploration Ltd, and Penn West Petroleum.

 

The company is popular for its pioneering command in Toronto Stock Exchange. Obsidian Energy registered peak market capitalization of $9.5 billion in 2008. Between 2005 and 2011, Obsidian Energy was a Canadian royalty trust. The decline of market prices of crude oil in 2014 greatly affected the operations at Obsidian Energy, but even then, the company survived the hitch through intensive restructuring.

 

Obsidian Energy oil and gas fields are found in Alberta, a region known for large-scale petroleum services. Alberta is found along the Western Canadian Sedimentary Basin. The three main productive areas in Alberta are Alberta Viking, Peace River Oil Sands, and Pembina Cardium. Obsidian Energy average production in 2017 is roughly approximated at 31,000 bbl per day. The firm, formerly known as Penn West Petroleum changed its name to Obsidian Energy in June 2017.

 

Obsidian Energy is an oil and gas producer that serves as an intermediate-sized company. Obsidian Energy runs with a well-balanced portfolio and is overly committed to building a strong excellence platform. The company has progressively evolved in its operations, thanks to the relentless passion and discipline from its management, community, and partners.

 

David French serves as the president and chief executive officer at Obsidian Energy. In an interview with Toronto Stock Exchange, David said that the company is now stronger and even more capable than before. David French recently served as the CEO of Bankers Petroleum Ltd. His mastery of skills in various operations and commercial growth is impressive. Mr. French studied at Rice University where he graduated with a bachelor’s degree in Mechanical Engineering. He later joined Harvard Business School where he majored in MBA.

 

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Obsidian Energy operates under various programs that guarantees its employees and the company sufficient safety. The company is as sensitive to protecting the environment by promoting sustainability. Besides, Obsidian has brought about positive changes and development to the local community by supporting good relations and engaging in welfare.

 

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