The Chief Executive Officer of Obsidian Energy, David French, made his remarks concerning the change of the company’s name and their next move. The renaming was the final wrap-up to the transformations that had been put into place. David insists on upholding the company’s major principles which include relentless pursuit of innovation and progress, disciplined commercial and technical decision making in protecting enterprise value, and lastly accountability and transparency in their operations. Obsidian Energy has a favorable position and prudent hedging strategies and plans to utilize its valuable assets.
The resolutions put in place have been approved by their esteemed shareholders. Obsidian Energy has its location in Alberta where it harbors both oil and gas fields. The fields are suitably situated along the Western Canadian Sedimentary Basin which prides in being the world’s biggest petroleum reserves. Major production takes place in three major points which include the Pembina Cardium, the Alberta Viking, and the Peace River oil sands. The company is an intermediate size and has a well-balanced portfolio of high valued assets.
Utilizing these available resources with the organization’s high-tech equipment offers a sufficient platform for them to deliver outstanding results. The organization is based on an entrepreneurial spirit which has played a major role in boosting their success in the evolving industry. Discipline, relentless hard work, and passion are values that all personnel at Obsidian Energy are subjected to in order to meet the demands of their partners, shareholders, and the communities they serve.
Before the name change, the company was called Penn West Petroleum Ltd. Penn West had to undergo significant reforms and changes that cut across all their business aspects. This drove them to redefine the company and make major decisions on how and where they wanted to direct its growth. With the changes put in place, the company has come out leaner, more capable, and stronger than it ever was. The new path would now be followed by Obsidian Energy, to represent a new beginning.
Obsidian Energy is committed to ensuring that they bring a positive impact not only in the industry but also with the communities they come into contact with. They have environmental programs which seek to be at par with all environmental regulations. This is made possible through resource conservation, stakeholder communication, and proper reclamation practices.
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