Obsidian Energy Limited (previously known as the Penn West Energy Trust, Penn West Petroleum, as well as the Penn West Exploration Ltd.) is a mid-sized Canadian company for that specialize in the production of oil and natural gas. The company is based in Calgary city, in Alberta, Canada.
For a while, when Obsidian Energy Ltd. was among the S&P/TSX 60 index, the 60 largest companies that were listed Toronto Stock Exchange. From the year 2005 to 2011, it was a CANROY (Canadian Royalty Trust), and it managed to reach a peak market capitalization which was on Jan. 2008 of roughly USD 9.5 billion.
The oil and gas fields of Obsidian are situated in Alberta, at the WCSB (Western Canadian Sedimentary Basin), which is a region that is among the largest petroleum reserves in the world. Production comes from the three main areas in Alberta: The Alberta Viking, Peace River oil sands, as well as the Pembina Cardium. The total production in the year 2017 is anticipated to average roughly 31,000 bbl. equivalent each day.
According to the article in the BOE Report, the Penn West Petroleum announced that their shareholders had changed its brand name to Obsidian Energy Ltd. on 26 June 2017. In conjunction with their name changing, their stock symbol was replaced with OBE on the New York Stock Exchange and Toronto Stock Exchange.
David French, the Chief Executive Officer, and President commented that they were pleased to acknowledge the last step in their transformation with the change of the company’s name to Obsidian Energy.
As Obsidian Energy started a new chapter in their story, they are going to guide their three principles. These principles are disciplined technical plus commercial decision-making to build as well as protect the value of the enterprise, relentless pursuit of innovation and progress, and accountable as well as transparent efforts with their partners, shareholders, plus the communities in which the company operates.
David continued saying that Obsidian Energy Ltd. is positioned well with a healthy balance sheet, the right assets, as well as a reasonable hedging strategy that is going to allow Obsidian to be capable of setting a standard for performance and this is even in environments that are a lower price. Go Here To Learn More.