Obsidian Energy is a Canadian based natural gas and oil exploration company that was established back in 1979 in Calgary, Alberta. It has since then operated profitably with a lump sum annual return and paying its high stakeholder dividends in valuation. In fact, it’s been listed on the Toronto Stock Exchange and the New York Stock Exchange and at one time listed in the S&P/TSX 60.
Nonetheless, the present glory has come as a result of deliberate discussion and effort to help the company rise in times of financial and operational hitches. It has been restructured to operate as per the current market regulations, trend and level of technology. Initially, it was incorporated as Penn West Exploration Ltd, and then Penn West Petroleum and later Penn West Energy Trust before the stakeholders approved and settled for the brand Obsidian Energy.
This change will see the stocks begin trading with the symbol of OBE taking effect impromptu within five days in the New York and Toronto Stock Exchange. This does not require the shareholder to do any obligation after the name change through the circular of the Annual, Special Meeting and Management Proxy of 2017. The noted paradigm shift is expected to improve enterprise development, decision making, innovation, transparency, and accountability.
Among other changes, Obsidian Energy Ltd will experience is the appointment of Ernst & Young LLP as the lead auditor, enactment of a board of governance. Technically, share capital is to be reduced for accounting purposes, the share unit restricted plan amendment and a non-binding vote on executive compensation. Obsidian Energy’s CEO says this transformation will cement a strong position in the industry and is an informed decision that will help keep fit the financial records.
About Obsidian Energy
Obsidian Energy primarily deals with oil and natural gas exploration and exploitation within Canada, at the Sedimentary basin on the Western side of Canada. It has other resource reserves in the Alberta Viking, Peace River oil sands, and Pembina Cardium and still pursuing other projects. Obsidian Energy is a publicly trading company on the Toronto and New York Stock Exchange. For a period of 6 years (2005-2011), it operated as a Canadian Royalty Trust before registration as a corporation.
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