Obsidian Energy Ltd., formerly Penn West Petroleum Ltd., underwent these changes in June of 2017. The name isn’t the only thing that has changed. Obsidian has made big changes throughout the entire organization. The changes are just a small part of how this company plans on growing from here on out and into the future. These are exciting changes for Obsidian Energy, and they are eager for the organization to head in the right direction.
Obsidian Energy is a mid-sized producer of oil and gas. The company produces about 30,000 boe (barrel of oil equivalent) per day. The changes they have made within the company are changes they believe will allow them to continue to be successful in this ever-changing industry.
The name change was approved by shareholders of the company. Among other changes was the stock symbol was changed to OBE in conjunction with the name change.
Obsidian Energy is also proud to announce that their main principles for the company have been updated. First, they strive to follow guidelines both technical and commercial when making decisions that will impact the organization’s growth and value. Two, the company will also take steps to be more innovative, and will only pursue things that will be an asset to the organization’s step toward success. Last, Obsidian Energy will make more effort to make their shareholders, partners, and community more aware of what is going on within the company as necessary.
The company’s President & Chief Executive Officer has confidence that the company is in the right position now to thrive in any area, even in areas where the market is much lower. All of the changes that were discussed were voted on by the shareholders will take effect immediately, and the majority of the shareholders were for the changes and excited about them. The company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).
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