Obsidian Energy Limited, formerly pen west exploration, is a Canadian oil and natural gas producing company. It operates from Calgary, Alberta. The company changed its name from Pen West Limited in the year 2017. Majority of the shareholders voted in preference to changing its name from Pen West Limited to Obsidian Gas Limited. Also, the name was approved because Obsidian is a natural volcanic glass which is versatile. The versatility of this volcanic glass allows it to be honed and sharpened.
The company obtains its raw materials from its oil and natural gas fields situated in Alberta. This oil fields, situated along the large Canadian sedimentary basin, form one of the largest oil and petroleum reserve globally. The vital areas that boost production include Alberta Vikings, Pembina Cardium, and Peace River Oil Sands.
Obsidian Oil Limited is made up of different oil producers from Canada. They include Daylight resources, Bonterra, Peyto Energy, Progress Energy Trilogy, Enterra, Freehold Energy, Fairborne Energy, Zargon Energy, Vermillion Energy, Baytex Energy, Canadian Oil Sands and much more. The company changed to a conventional corporation from CONROY in the year 2011.
In the year 2008, Obsidian distributed high dividends to its shareholders as recorded in New York stock exchange. In the same year, it also paid a high amount of equities to its shareholders. Trust assets of this company are not taxed using the average dividend rate since they are considered to be exhaustive with time. In the year 2008, this Oil and Natural Gas Company attained optimal market capitalization with an approximate value of $9.5 billion.
In the year 2017, the company underwent several transformations to improve its operation strategies. They included:
- Chartered accountants, Ernst and Young LLP, were appointed as the company auditors.
- New directors were elected
- Minimizing the share capital for proper accounting purposes
- Change of name from Penn West Limited to Obsidian Energy Oil Limited. The shareholders proposed name change by majority votes.
Obsidian Energy also announced an impressive third quarter financial results and the upcoming budget for the year 2018. David French, the current serving chief executive officer, published the results. In his announcement, the company boasted of having had a successful operational and financial year, and they were expecting the best in the coming future.
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