Obsidian Energy Limited is a Canadian oil and natural gas production company. The company has its headquarters in Calgary, Alberta. During a shareholders meeting held in July 2017, the shareholders mutually agreed to change the company’s name to Obsidian Energy Limited after a series of consultations. The new name was coined from a naturally occurring volcanic glass called Obsidian.
The company changed its name because of the restructuring it had gone through. The restructures gave the oil and natural gas production a fresh look and changing its name was equally important. The Penn West company had accrued various debts and accounting scandals that hindered proper functioning. Strategic measures were therefore taken to reduce the debts and make the business productive again. As a result, Obsidian Energy Limited was born. The company currently operates only four production sites and has significantly reduced the debts the mother company has accrued.
Obsidian Energy is currently headed by Dave French, who is the company’s Chief Executive Officer. The company owns gas and oil fields in Alberta. It also has numerous oil and petroleum wells in the Western Canada region. The region has one of the largest petroleum reserves globally. Obsidian conducts its production mainly from the Peace River oil sands, the Alberta Viking and the Pembina Cardium areas in Alberta. The company currently produces approximately 31,000 barrels on a daily basis.
The new chapter has made Obsidian Energy stronger in the market. The company is focused on realizing its goals and succeeding in the oil and petroleum industry. According to the CEO, the company has a brighter future in store. See This Page for more information about the company.
In an effort to succeed more in the industry, Obsidian Energy Limited has partnered with major players in the industry. The company recently invested in Cold Flow Manufacturing in the Peace River region. It has ventured into the manufacturing with China Investment Corporation. The partnership was given the name “Peace River Operated Partnership” (PROP). Together, they are using crude oil to manufacture cold flow. Obsidian is also building a Waterflood platform. The platform will be used to increase the production rates in Cardium.