Penn-West was a medium sized oil and natural gas producer headquartered in Calgary Canada which was formed in 1979. Due to a reorganizational change, Penn-West not only changed its name, but the company changed the way it operates. Obsidian Energy Ltd., is the new name of what is now a global energy company which is growing exponentially in other acquisitions, petroleum and gas explorations, and varied fuel developments.
With the restructuring of Penn-West to Obsidian Energy, the oil rich territorial coverage extends from the eastern and western Canadian areas into the United States, covering much of the state of Montana. Naturally there were many other evolutions like a different New York Stock Exchange and Toronto Stock Exchange logo and decisions to make in how and in what direction Obsidian is to grow. The company also changed how they will conduct business so that its industry symbol will be one of safety, strength, and a better run organization.
Other shareholder approved changes included a new executive compensation package, the reduction of Penn West shareholder capital revenues, and various amendments. David French is the President and Chief Executive Officer of Obsidian Energy. He spoke very positive about the company’s future which he says will be based on the principles of discipline, value-entrenched technical and commercial value, and the progression of innovation. Mr. French further said that the new reorganization will produce transparency with partners, shareholders, and the communities in which the company is operating in. Go To This Page for more information.
Mr. French stated that Obsidian Energy Ltd., is already designed with a healthy actuarial strategy that brings stability and better prices in this financially and energy driven environment. David says that the company carried a debt level during the restructuring. However, based on the recent daily barrel extraction numbers, there is vast improvement. The name Obsidian has meaning for the new company. Obsidian is a natural volcanic glass that is easy to be sharpened with a keen edge. Like the new company, everyone has survived many obstacles to become a sharp focus in the industry. Obsidian management believes that its oil and gas exploration production will continue to grow by five percent for year 2018.