How Obsidian Energy Attained A Positive Turnaround In Its Industry

One of the biggest industries in Canada is the oil and natural gas industry. One of the mid-sized players in this industry is Obsidian Energy Ltd., a business that is headquartered in Calgary, Alberta. It was founded in 1979 and has oil and gas wells in many locations in western Canada. The company employs about 300 people. Like almost all companies in this industry they struggled for a few years when the price per barrel of oil plummeted. Since the price per barrel has been steadily going up over the last year Obsidian has found more success recently.

 

The oil and gas fields that Obsidian Energy has wells in are in Alberta. There are three main areas in this province that they obtain oil and natural gas; Alberta Viking, Pembina Cardium, and the Peace River Oil Sands. This region, called collectively the Western Canadian Sedimentary Basin, is among the globe’s largest proven oil reserves. Each day about 31,000 barrels of oil are produced.

 

Up through June 26, 2017, Obsidian Energy was known as Penn West Petroleum. They had engaged in a lengthy restructuring of the company where they reduced debts and sold off assets. As the leaders of the company were looking for a fresh start they proposed that the name of the company should be changed to reflect this. This proposal was put before the shareholders of the company and they approved this change. the new name was sharpened because Obsidian is a type of rock that can be both honed and sharpened. Click Here for more information about the company.

 

In the second week of December 2017 it was announced by Obsidian Energy that Gordon Richie had been named to the company’s board of directors. He joins the company’s Acting Chairman of the Board, George Brookman. Ritchie brings with him almost 40 years of experience in the financial industry where he was a top executive at such firms as the Royal Bank of Canada Capital Markets.

 

View Source: https://en.wikipedia.org/wiki/Obsidian_Energy