Before changing its name to Obsidian Energy Ltd, the company used to be referred using other names such as Penn West Energy Trust, Penn West Petroleum, and Penn West Exploration Ltd. The company is based in the Canadian city of Calgary in Alberta province. There was a time that the company was referred to as S&P/TSX 60 which is a title that means that it was among the top 60 firms in the Toronto Stock Exchange. Its peak came back in January 2008 when it was valued at $9.5 billion. However, like any oil and energy company, Obsidian Energy Limited fell into recession in 2014 when oil prices fluctuated significantly.
This is a period that saw the company experience some regime change that was also followed by significant restructuring. This was aimed at reducing the debt of the company. Most of its gas fields and oil fields are found in Western Canadian Sedimentary Basin that is found in Alberta. Experts say that the largest petroleum reserves are located in this basin. However, most of the oil and gas produced by the company is said to come from three areas in the region that include Alberta Viking, Peace River Oil sands as well as Pembina Cardium. Approximations by the company estimate that the company was producing close to 31,000 barrels in a day. The company changed to Obsidian Energy from Penn West Petroleum back on 26th June last year. Obsidian Energy is also an equal employer. Click Here for more information.
Notable people within the organization include David L. French who is the chief executive officer and the president. He has been with the company since October 2016, and he has been responsible for the success of Obsidian Energy for the last two years. The chief financial officer of the company is David Hendry. Mr. Hendry is an experienced executive as he has been in the field for over 25 years. He joined Obsidian energy back in April 2015 under a lesser position of vice president of finance. He only managed to acquire the current position 14 months ago. Other notable executives within the firm include Tony Berthelot who is in charge as the vice president. He is also responsible for development and operations.
Related Article: https://www.bloomberg.com/quote/OBE:CN