About Obsidian Energy
Obsidian Energy Limited formally known as Penn West Petroleum Ltd was re-branded on June 26th, 2017. The re-branding of the company saw all other aspects of the business transformed and re-emerging as better, stronger and more capable than before. As the name suggests, the company is in the business of producing high-quality oil and natural gas located in Canada.
Business Operations of Obsidian Energy Limited
The firm which is listed on Toronto Stock Exchange and New York Stock Exchange also had its stock symbol changed to ‘OBE’. It is an intermediate- sized company that is headed by David L. French who is the president and CEO. Mr. French likened the name ‘Obsidian’ with a natural volcanic glass that could be molded and sharpened or honed. This saw the majority of the shareholders vote a whopping 92% in favor of the name change.
The renowned firm gets its products from the oil and gas fields located in various parts of Alberta, Canada. The key areas in Alberta include the Western Canadian Sedimentary Basin, which is one of the largest petroleum reservoirs in the world. Other areas where production takes place in Alberta are Pembina Cardium, the Alberta Viking, and the Peace River Oil Sands.
Moreover, Peace River Oil Sands functions and operates in the resource industry of crude oil. The Alberta Viking produces a mixture of light –oil and gas including high –a netback shorter well which complements a prolonged cycle activity in the Cardium. Also, the firm concentrates on a merged water- flood approach that maintains reservoir pressure to reduce the diminishing rates of the new wells. View Related Info Here.
The re-branding of the company made it improve significantly on major business aspects favorable to both consumer and producer. In addition, Mr. French who is the president of Obsidian Energy stated that the firm had since incorporated a hedge strategy that would help in lowering the prices. Nevertheless, the total production by the end of 2017 is anticipated to go up to an equivalent average of 31000 bbl per day.