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Obsidian Energy – Gas and Oil Achievements and History

Obsidian Energy Ltd. started up in the industry of oil and natural gas in 1979 from its main office building in Calgary, Alberta in Canada. There were three hundred employees as of 2017, and the Obsidian Energy Ltd. is currently lead by Mr. David L. French who is serving as President and Chief Executive Officer of the corporation.

 

Obsidian Energy Ltd. used to be known a Penn West Petroleum. The company decided to change its name earlier this year in June 2017. Before that, Obsidian Energy Ltd. was recognized as Penn West Exploration Ltd., and then Penn West Energy Trust. The change of name was due to a rebranding and an overhaul of the company which was also a completion of a restructuring from 2014.

 

The company used to be on the list of the sixty biggest businesses in the Toronto Stock Exchange market. Obsidian Energy Ltd. was also CANROY from 2005 till 2011, meaning a Canadian royalty trust. Halfway through that period in its history, Obsidian Energy Ltd. reached the peak capitalization of the market and in the January of 2008, the company achieved nearly $9 and a half billion in revenue.

 

In 2014, Obsidian Energy Ltd. started experiencing a hard period in its operation. The prices of crude oil began dropping drastically and the business lost a lot of its revenue. In order to keep its head above water, Obsidian Energy Ltd. had the undergo a large restructuring which included sell-off of most their assets in the next couple of years. The company had to do that to reduce its debt as much as possible. Click the Following Link for more info.

 

The oil and gas field of the Canadian corporation is located in the state of Alberta. They are situated in the Western Canadian Sedimentary Basin as this region has some of the most productive reserves of petroleum.

 

Obsidian Energy Ltd. produces its gas and oil from three primary areas across Alberta, Canada which are Alberta Viking, Peace River oil sands, and Pembina Cardium. In 2017 the Canadian corporation nearly achieved a bbl equivalent of 31 000 a day.

 

Obsidian Energy Ltd. is preparing to start on a number of projects for the following year and has plans to achieve more in its line of work.

 

More on: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy