It is a company which is based in Canada. It was previously known as Penn West Exploration Ltd. The company focusses in production of oil and natural gases. The company has been doing well for a long time not until in the year 2014 when it received financial difficulty. The financial difficult was as a result of falling in the price of the oil. The company experienced difficulty to a point where some of the assets were sold.
However, the company underwent some changes in the pursuit of reforming. That is when the company was renamed to Obsidian Energy Petroleum to pursue modest growth. The management knew very well that the extension would not come automatically and they recognized that extra efforts need to be put in place. All the reforms were to ensure that there was consistency in growth for the next three years. After the resolution, 92 percent of the shareholders voted in favor of the decision. According to Dave French who is the CEO, the company chose the name because the Obsidian is a naturally occurring company.
After some years of hard work and dedication, Obsidian was able to survive enormous debts. The assets were sold, and the company was able to reduce its debt to $384 million. All the focus was in sharpening the of the vital production sectors. The other thing that was done to deal with the crisis is to reduce the number of the employees. Apparently, the company is based on discipline, relentless passion for the work. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
The shareholders must be accountable to nay activities that take pave in the company. This is the secret that has made Obsidian Energy to emerge stronger despite the challenges that were experienced in the previous years. Every company has some goals set aside and every other worker needs to work towards the realization of the goals. All the assets are strategically placed and there are able to provide a platform for the growth and deliver services to the clients. It is a clever way employed by the company to ensure that they achieve their goals.
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