Oil (2)

Obsidian Energy Re-brands To Gain Market Penetration

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

Obsidian Energy, Penn West Petroleum’s New Face Making A Name for Itself

 In the oil industry and indeed the gas industry too, Obsidian Energy is credited as a company whose portfolio is quite awesome. With the assets base the company has so far, it has guaranteed a steady flow of income and satisfied customers. In order to enjoy competitive advantage, the company has spared no effort in engaging in entrepreneurial activities that have guaranteed liquidity for the company which operates in the ever changing gas sector. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.




Obsidian Energy’s success is built on the discipline and hard work of its employees. Apart from hard work, openness and accountability are also other values and believes the company holds dear. All stakeholders and the community are never kept in the dark about the operations of the company.


Name Change


Obsidian Energy changed its name in 2017 from its former title of ‘Penn West Petroleum’. The new name was thought to be best since the company was undergoing many changes. With the new name people expect and get better service and new products that are somewhat an improvement on the former.


At the heart of the changes made to the company was the reduction in human resource. By 2015, the work force had been thinned to 1000 staff only. Later, due to the ever-fluctuating prices of oil and gas, there was a further lay off of staff so that there are only 400 employees at the company presently.


Giving Back


Obsidian believes in the community within which it operates goes without saying. Through the ‘community matters program’, the company’s business is ever appraised to ensure it does not collide with the community’s operations and or affect the community in a less than pleasant way. Where there are some critical aspects that community members do not like about the company operations, the same are squared out by the ‘community matters program’.


The environmental program the company has, ensures that it does not affect the environment in a negative way. Being guided by the law, Obsidian Energy aspires to limit any negative effects drilling may have on the community and its environment. Conservation of natural resources is also at the heart of the operations of Obsidian Energy.


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See Also: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/