Obsidian Energy is a medium sized company that produces oil and gas. It has a well-balanced portfolio of high-quality assets which generate an estimate of 30,000 bbl. per day. Obsidian Energy was formally known as Penn West Petroleum Ltd. The company was founded in 2005, and so far, it has a total of not less than one hundred employees.
Penn West experienced financial and operational challenges in 2014 when crude oil prices fell significantly. Penn West went through a number of significant changes which affected all aspects of the business and led to the company being redefined, and consequently, even the name was changed. Obsidian Energy is a grown and stronger version of Penn West, and it is headed to a new exciting path.
Obsidian Energy is located in Alberta along the Western Canadian Sedimentary Basin. This region is one of the largest petroleum reserves in the world. The production of oil and gas is from three main areas namely: Alberta Viking, Peace River oil sands, and Pembina Cardium. The assets which the organization has crafted provides the right platform for delivering bottom-line results and an entrepreneurial spirit which allows it to succeed in the evolving industry.
Obsidian Energy focuses on discipline and is passionate about service delivery. Consequently, the firm continues to perform well and yield good results. The company has a social responsibility which it adheres to. The employees of Obsidian Energy are encouraged to interact with the community and is keen on addressing any concerns and needs of the society that are relevant to it. Environment conservation is a big concern across the world, and Obsidian Energy is dedicated to the same. Click Here For More Info.
The total production of gas and oil by Obsidian Energy in 2017 is estimated to be an equivalent of 31000 bbl. per day. The chief executive officer and president of Obsidian Energy is Mr. David French. The company’s president held a special shareholders meeting, and an audio of the same is available on webcast. So far, Mr. David French is proud of the firm’s achievements, confirming that it is the re-shaping and re-building that has simplified the company’s balance sheet allowing it to focus on few key development areas.