Obsidian Energy Ltd On The Course Of Reclaiming Its Original Glory Under David L. French

Penn West Exploration Ltd. was founded in Alberta, Canada, close to 38 years ago. Along the way, the oil and gas drilling company changed its name to Penn West Petroleum and later to Penn West Energy Trust. Earlier this year, the company rebranded again to its current name- Obsidian Energy Ltd. The company has a strong presence in Western Canada, owning a majority of natural gas and oil wells in the region. Records show that Obsidian Energy Ltd. is among the bigwigs in the Toronto Stock Exchange with its worth estimated at $US 9.5 billion over a decade ago. Although the instability in the global oil market that was experienced three years ago greatly and negatively affected Obsidian’s annual revenue, the company was able to bounce back and is currently doing well. Records show that the company was able to settle all of its debts incurred during that period.

 

 

The Ups and Downs

Among the key factors that have seen Obsidian Energy Ltd succeed in the competitive global oil market is the strategic positioning of its wells. The study shows that Western Canada is rich in petroleum and natural gas products, particularly in Peace River, Pembina Cardium, and Alberta Viking. Going by statistics for the year 2017, the company’s oil fields have an average daily production rate of more than 30,000 barrels.

 

In 2008, formerly Penn West Energy Trust – Obsidian Energy Ltd was doing extremely well on the New York Stock Exchange. Dividends from its equities were going for up to 16% in annual rates. Its workforce, on the other hand, was of about 2350 people. It was between 2012 and 2014 that the company was hit by the reduced oil prices in the world, prompting it to reduce personnel to slightly less than 500 people. Obsidian Energy Ltd is now back on its feet and is expected to get back to its earlier financial position in coming years. Click Here for Related Information.

 

 

The CEO

David L. French is the reigning president and CEO of Obsidian Energy Ltd. He is the man who effected the rebranding of the company after taking over in October last year. Top on his to-do list is to get the company’s production levels back to the 135,000 barrels per day it used to produce several years back.

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Here’s How Obsidian Energy Has Grown To Realize Profitable Results

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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