Obsidian Energy is an oil and gas producer based in Calgary Alberta in Canada. The company was previously known as Penn West Energy Trust until mid-2017 when it has a name change. The company has a high-quality asset and produces around 30,000ores under the leadership of David French who is the CEO. The company production comes from Pembina, Peace River Oil Sands and Alberta Viking and in 2017 the company produce is likely to more than 31000 ores of oil per day.
The company underwent significant changes which are helping redefine the company and grow stronger. The company has assets which provide the right platform for delivering and succeed in the industry. The company through the CEO says that the name changes to obsidian which means a naturally occurring volcanic glass is significant and aligns with the company vision and shareholders expectations. The company did a few restructurings which includes the appointment of new auditors, elections of new directors and workforce restructure to enable the company to carry it out its mandate successfully. Get More Info Here.
The company operates through Alberta Viking which enables them to leverage its infrastructure advantages as it has a leading position and ownership over the whole area. The area has light oil and gas with high net back shorter cycle wells that complement longer cycles. Obsidian also has built a Cardium Water flood platform that has a low decline and high netback light oil production. The company aim is to ensure they maintain reservoir pressure throughout production. The company Is part of the peace river operated partnership which has a significant position of crude oil resources. Through this, the company can maintain constant oil production.
Obsidian Energy runs a community matters program as a commitment to making an impact in the communities in areas where the company operates. The company adheres to environmental laws and endeavors to conducting their operations respectfully and responsibly. The company management team carries out safety training, awareness training to ensure the safety of its employees and the community around. Obsidian also provides timely response to any safety concern through toll-free numbers as part of a commitment to providing safety to the workers and the community around.
Obsidian Energy majorly operates in the production and sales of natural gas and crude oils. It used to operate as Penn West Petroleum and acquired its new name in 2017. The company was established in Alberta, Canada and has its head offices in the city of Calgary. David French, the president and chairman of the company, influenced the location of the industry to the advantage of his company’s economic activities. See More Information Here.
The change was embraced with maximum optimism, and this encouraged the leaders of the company to strive at delivering better and quality good to their customers.
Additionally, Obsidian Energy used this opportunity to reshuffles its departmental managers and employees with the aim of increasing productivity. The increase in coordination ensured that drilling was done responsibly without causing havoc to the immediate environment. This was only possible because of the improved tools and machines used in the mining of minerals.
As can be expected, Calgary borders the Western Canadian Sedimentary Basin which has been reported to be harboring barrels of crude oil. The availability of resources within the company has helped in subsidizing the production and transportation costs for the company. David French has hence ensured that his employees and contractors are well equipped with the aim of improving and maintaining the operational standards of the company. Consequently, the company managed to be associated with the New York Stock Exchange Market as one of the best companies with the highest number of stocks. Good governance and hard work are the pillars that the company stands on.
This way, Obsidian has attracted many investors worldwide hence increasing the markets for their products. Under the leadership of David French, the company has recorded substantial profit margins probably due to the increase in the assets sales. Resultantly, the Canadian economy has grown in most aspects compared to those of other countries.
Every day Obsidian Energy experience change that contributes to our growth. If we embrace and explore the opportunities that these changes avail to us, then we are destined to greatness. Similarly, Obsidian Energy has walked in these paths to ensure that their operations are of high standards.