Obsidian Energy Ltd is midsized Canadian company that deals with oil and natural gas and located in Calgary, Alberta. The group once held a position among the sixty biggest companies on the S&P/TSX 60 on the Toronto stock exchange. The company reached its peak market capitalization of $9.5 Billion in January 2008, and from 2005-2011 it was the Canadian Royalty Trust (CANROY). The company has a well-balanced portfolio of various high-quality assets that produces approximately 30,000 barrels on a daily basis.
The company was previously known as Penn West Petroleum Ltd where it changes its names to Obsidian Energy Ltd after restructuring on 26th June 2017. The company underwent numerous accounting scandals, commodity price crash and debt crisis that forced the company to restate its three-year financial report from 2012 to 2014. During the hardship years obsidian managed to reduce its net balance through various sales of its assets, and it’s now a much stronger and smaller oil company. According to the chief executive officer, David French the change of name signified a new beginning that comes with relentless passion, discipline, and accountability to the community, partners, and shareholders. David L. French oversees the management team of Obsidian Energy is who once served as the overall boss of Bankers Petroleum Ltd, and he is known to lead various companies to operational and commercial growth successfully.
Obsidian Energy has 407 employees, and it has critical development assets that are strategically positioned to offer the right platform for growth and deliver the results acceptable for the shareholders, clients, and community. And in the process, allow the company to succeed in the ever-evolving petroleum and gas industry. Read More On This Page.
Obsidian Energy commits to making a positive impact on the environment and community around the area the Calgary Alberta area. They have a community matter program that mains agenda is to conduct numerous and peaceful operations that enables the employees and contractors to have an open communication method with the residents. It helps to address concerns associated with the company gas and oil operations in mitigate and proactively manner.