Its transition emanated from the shareholder’s interest to change Penn West Petroleum Ltd to Obsidian Energy Ltd. It is a mid-sized company specializing in the extraction of the Canadian Natural gas and crude oil. Its headquarters are located in Calgary where the firm owns vast deposits of oil reserves. It was established in the year 1979 and since then Obsidian continues to thrive as a successive business. Its management has ensured that the newly restructured company fulfills its mission and vision statements. Guided by the formulation of its core principles that preserve the growth and expansion of the firm, much success as then escalated. The organization’s chief executive officer is Mr. David French who has promoted much success.
Due to the presence of an engaged workforce, the operations of the firm have been geared towards the attainment of the set goals and objectives. Being one of the companies to field its stock in the Toronto Stock Exchange, Obsidian had a royalty trust that picked the entire market capitalization in the year 2008. This had a significant influence in the percentage at which investors invested in them. Having equipped itself with the right amount of assets, their value keeps on escalating. They ensure that automation of the entire process complements good deeds in its day to day activities. Obsidian Energy is socially responsible to the community and the general public at large as it carefully recycles its waste products.
Organizing the organization’s departmental units has helped in building a more significant and effective industry. Extraction of the raw material that is crude oil has led to the assurance of greater partnership with some of the major brands involved with the petroleum business. As Obsidian Energy utilizes the services of the auditor general, much accountability and transparency emerged. It is the sole responsibility of the top-level management to promoting the welfare of the employees as well as consumer satisfaction. This increase in amount produced as emanated from the existence of the Sedimentary Basin the home of one of the world’s most significant petroleum reserves. Working as a team has been emphasized promoting cohesion of the entire staff.