Obsidian Energy’s Bright Future

Whoever said what doesn’t kill you makes you stronger said so rightly. At some point Penn west went down; accounting scandals, law suits, debt crisis… Most people thought we had seen the last of it and there was no way it would bounce back. However, in 2017 they changed their name to Obsidian Energy, from Penn West Petroleum Ltd. They announced this change in June 26th, 2017 and also changed their stock symbol to OBE. This was the last step to the transformational changes they had been undergoing, as a company, in an effort to transform the company.

 

Their effort to change the company’s fortune for the best has paid off. It now has a whole new image. According to the report they gave, the changes they had gone through is what inspired the name change. The report said that since this new company did not resemble Penn West in any way, the name too had to be changed.

Obsidian Energy now has:

  • A newly appointed auditor
  • Elected a new set of directors
  • Restricted share unit plan
  • Reduced Share Capital. This was done for accounting Purposes

 

According to the CEO, David French, these changes have seen Obsidian Energy bounce back to life and promises great results for the future. He says that as a result of the changes the company went through, by the close of the year the company was registering 500 barrels of oil despite the cold weathers. They have also been able to bring their costs down and bring great results while living within their means. This not only promises great results but also positions the company for great things this year. Read This Article for additional information.

 

It is right to say that the words they use to describe Obsidian Energy; disciplined, relentless and accountable are the very words that define them. Obsidian have weathered the storm. Since their proposition to transform the company, they have done exactly as they planned and promised to. And as a result, they have achieved over and above what they had projected during the proposition of the changes. This leaves only one thing to certainty; 2018 will definitely be a year of increase for Obsidian Energy.

 

Currently, the company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).

 

View Source: https://en.wikipedia.org/wiki/Obsidian_Energy

Obsidian Completes Name Change

The oil and gas industry is an incredibly important industry that is responsible for providing consumers and businesses with the fuel and energy they need to warm their homes, transport themselves and product and service, and a variety of different very important tasks. Today, there are many different companies that are in the oil and gas industry. One company that has continued to grow and develop in the industry is Obsidian Energy, which is based out of Canada.

 

Obsidian Energy is an oil and gas company that produces more than 30,000 barrels of oil on a daily basis. The company currently has locations in several different key areas of Canada, including in Alberta Viking, Peace River Oil Sands, and Pembina Cardium. While the company is well known for producing a significant amount of oil on a daily basis, they are also heavily focused on environmental and overall social responsibility. Compared to other oil and gas companies, obsidian energy does their best to ensure that the environment stay in good condition while they do their work. Get Additional Information Here.

 

Part of the reason for the continued success for the oil and gas company is due to the strong leadership that the company has. The company recently hired a new CEO that has been able to refocus the organization and rebranded as well. While he is relatively new, the company has a number of different senior managers that have been with the organization for several years. These individuals each have strong backgrounds in the industry and have been able to provide great guidance to the organization.

 

One of the biggest changes for Obsidian Energy was a recent transition to a new company name. In an effort to continue to expand globally and build a better brand name, the company recently changed its name from Penn West Petroleum. This will be the company’s name going forward and they will likely soon also change their ticker symbol on the publicly trade exchanges. This was just the first step in an overall effort to rebrand the organization.

 

See Also: https://www.bloomberg.com/quote/OBE:CN