THE PENN WEST REDEFINED TO OBSIDIAN ENERGY

Obsidian Energy is a mid-sized company based in Calgary, Alberta. It deals with gas and oil production. Before, the company was known as Penn West Petroleum Ltd. It changed the name in June 2017 after it underwent major changes that changed every aspect of business in the organization. These changes were as a result of the drastic drop in oil prices experienced in 2014. The change made the company experience difficulties, both financially and operationally. The company had a very big debt and to cover the debt they sold a lot of assets which led to a restructuring of the company. The resolution to change Penn West to Obsidian was voted in favor by 92% of the shareholders.

 

Dave French, the company’s CEO, explained that they choose the name Obsidian as it is a glass that occurs naturally and, can be sharpened and honed. Apart from selling the company’s assets, the company also reduced its production areas from over thirty to four primary areas. It also reduced the number of employees from 1,400 to 300. The changes redefined the company and they have come out more capable of learning and stronger. Obsidian Energy is smaller when compared to Penn West. It has a forecast production of 28,000 barrels per day while that of Penn West’s was 135,000 barrels per day. It is set with enough assets, a well-planned strategy and a healthy balance sheet that will help it set performance standards even in the environment of low prices. See This Page for additional information.

 

Along with the approval of the name change, other changes that took place include: appointing a new auditor, approving the reduction of share capital for accounting purposes, electing new directors, approving the restricted share plan unit and passing the advisory resolution to approve company’s approach to executive compensation. In the past three years, Obsidian has used assets of worth $2.3 billion to improve it’s the operational and financial performance. This has greatly helped it eliminate the high number of challenges that were stopping the company from performing efficiently. As the company heads down to this new path, it is guided by the passion of what they do, discipline and accountability to the community they operate in, its shareholders and partners.

 

Obsidian Energy 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).

 

Read More:  http://www.ogj.com/articles/2017/05/penn-west-petroleum-moves-toward-changing-name-to-obsidian-energy.html

Why More People Trust Obsidian Energy

Finding a reasonable fueling company can be more than a little difficult. Not only are you trying to get a quality product, but you’re also trying to find something that isn’t going to cost a ton of money. We all know the frustration that comes with placing a fuel order for the home. It can often cost hundreds of dollars, and if you’re a business owner, the rates might be a bit higher. This is why a lot of people have chosen Obsidian Energy formerly Penn West Petroleum Ltd., for themselves and are satisfied with the fact that they are able to purchase fuel at a better price for themselves.

 

There are a lot of people currently using Obsidian with great success. It is a company that offers higher quality fuel products at more affordable rates. In fact, they are the Canadian standard when it comes to both oil and gas. They are producing all of their own fuel, so you can feel good knowing you’re choosing a company that you can trust and that will provide a product that is sure to last. 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). Obsidian Energy has helped and worked with thousands of different clients, so it’s a company that you can feel good hiring for these specific needs.See This Page for related information.

 

If you would like more information on Obsidian Energy and what they are able to do for you, you can visit them on social media sites or their website. From there, you can contact them for prices related to the wide range of different products that they have made available to the public. This is a great choice for people who are trying to save money and are happy with the different items that they have available. You will then be able to place the order in question quickly whether you are a homeowner, or you own a business and would like to be able to get the most out of this for yourself. Make sure to consider this for yourself and know that it is a choice that is unlike anything you might have used in the past for all of your fueling needs.

 

See: http://boereport.com/2017/06/26/penn-west-changes-name-to-obsidian-energy-ltd-and-announces-voting-results-from-the-2017-annual-and-special-meeting-of-shareholders/

How the Management Team and Organizational Structure of Obsidian Energy Ltd Foster its Growth in the Canadian Oil and Natural Gas Business

Obsidian Energy is a natural gas and oil production company headquartered in Calgary, Alberta, Canada. The company previously operated under the names Penn West Energy Trust and Penn West Petroleum. Its stocks are publicly-traded on the Toronto Stock Exchange Market.

 

Brief History

 

Penn West Petroleum underwent several changes before being renamed to Obsidian Energy on June 26, 2017. These changes affected all business aspects of the firm in a positive way. They also enabled Penn West Petroleum to redefine its operations with a view of the future. Today, Obsidian Energy strives at excelling in the Canadian oil and gas industry by learning from past experiences.

 

Organizational Structure

 

With a production capacity of 30,000 bowls per day, Obsidian Energy is regarded as a medium-sized company. It has a balanced portfolio of profitable assets across Alberta. Obsidian Energy manages these assets with a goal of delivering bottom-line results. The firm seeks to use this asset to succeed in the evolving oil and gas industry.

 

The company obtains natural gas and oil from the Western Canadian Sedimentary Basin, which is based in Alberta. The basin also ranks among the largest petroleum reserves globally. Obsidian Energy’s exploration efforts are centered on three areas in Alberta. These include the Alberta Viking, the Pembina Cardium, and the Peace River oil sands.

 

Management Team

 

David French heads the management team of Obsidian Energy as the CEO and president. Prior to joining the firm, French worked with companies like Apache Corporation, McKinsey & Co, and Bankers Petroleum. His expertise lies in law, mechanical engineering, and management. David Hendry is also part of the firm’s management team. As CFO, he has over 25 years of experience in public accounting and finance. He works alongside Tony Berthelet who serves in the capacity of VP of development and operations. View More Information Here.

 

Other members of the management team of Obsidian Energy include Andrew Sweerts and Mark Hodgoson. As the VP of production and technical services, Sweerts joined the company back in 2014. He has over two decades experience in overseeing joint venture partnerships and trading activities. Hodgoson, on the other hand, serves in the capacity of VP of business and commercial development. Hodgoson’s expertise lies in investment banking, corporate planning, and crude marketing.

 

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The Success Of ​​​​Obsidian Energy

Obsidian Energy Ltd is a Canadian oil and natural gas production company. It was previously known as Penn West exploration ltd. The company once appeared in the Toronto Stock Exchange list of the largest companies. In 2014, crude oil prices fell seriously leading to operational and financial challenges within the company.

 

The company’s production fields are located in Western Canadian Sedimentary Basin where the biggest petroleum reserves across the globe exist. In 2008, it paid high premiums leading to a 15% to 16% annual rate being generated within the year. The company has continued to grow and is now experiencing internal cash flow generation to facilitate its growth.

 

Obsidian hopes to generate about 31000 to 32000 cylinders of oil a day in its new year business calendar. The company looks forward to funding its capital programs, pay the existing decommissioning costs and also reduce its debts levels as per the company’s returning books of record.

 

The debt under control in the company is day by day decreasing acting as a greater advantage for the company. It continues to improve on the existing good leverage to the oil and gas prices. The Company has survived the tough prevailing conditions in the economic climate and has a very strong hedge book with about 12000 cylinders a day of their products that stands at a cost of $50 per cylinder.

 

In the previous years, Obsidian Energy has been able to withstand the high degrees of bills and financial misunderstandings due to poor economic climates and resulted to lawsuits by a few investors that were clearly resolved. It has also greatly reduced the number of employees to help in maximizing the outputs and decrease the levels of debts. See This Article to learn more about the company.

 

This was as a result of the decline in the prices of crude oil back in 2015. Due to this, the shareholders dividends that were given to them by the company was also reduced and also the compensation to its members of the management board. The company has however continued to positively improve its operational performances and strengthening its stock despite of the continuing economic imbalances in the surrounding economies within its operation fields.

 

Visit: http://www.newswire.ca/news-releases/penn-west-changes-name-to-obsidian-energy-ltd-and-announces-voting-results-from-the-2017-annual-and-special-meeting-of-shareholders-630941703.html