Obsidian Energy Ltd is known for being a small natural gas and Canadian oil production company that happens to be located in Calgary, Alberta. For the longest time, the company was known to be one of the sixty biggest companies that were on the Toronto Stock Exchange. It was in January of 2008 that the company was able to hit its all-time market capitalization high of US $9.5 billion. Obsidia has always made sure to base itself primarily on discipline and the passion that all of their workers have for the work that they do. Obsidian Energy Ltd. Expects to be able to hit a total reproduction, in 2017, of approximately 31,000 bbi a day. This is a goal number for the company and one that they hope to only increase in time.
Obsidian Energy Ltd. Had currently been known as being called Penn West. It was on June 26 of 2017 that the company decided that they wanted to make the name change to Obsidian Energy. They are hoping that the change will help to better define the company and help it to be able to grow more as time goes on.
Penn West has been able to overcome many obstacles throughout the years and knows that the new name is going to be able to help them overcome many more. They have already been able to reduce to companies’ net debt and are hoping to be able to reduce it by much more in the years to come. Though they know that it will not be easy to achieve the company is more determined than ever to see just how far that they can go. Obsidian Energy is one company that is not going to stop improving until they are at the very top of the business world. Visit This Page for additional information.
Read More: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy
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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