The Penn West Corporation Ltd. changed its name to the Penn West Energy Trust, then Penn West Petroleum and now its shareholders have approved the name change to Obsidian Energy Ltd. as of June 2017. The name, “Obsidian” was chosen because obsidian is a volcanic glass that can be sharpened and honed.
The stock symbol was replaced with “OBE” on both the New York Stock and the Toronto Stock Exchanges. It is among the sixty largest companies on the Toronto Stock Exchange. Obsidian Energy adopted a new beginning in many ways including embracing new operating principles: Building and protecting enterprise value by using technical and commercial decision-making, employing the relentless pursuit of innovation and forward thinking, and being a company that is accountable and uses transparent efforts with its shareholders, its partners and the communities in which it operates.
Obsidian Energy is a medium sized Canadian Company producing oil and natural gas. Its headquarters are located in Calgary, Alberta. Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves. Obsidian’s oil production comes from three key areas in Alberta: the Alberta Viking, the Pembina Cardium and the Peace River Oil Sands.
Committed to keeping the impact on the environment to a minimum, Obsidian works to ensure its operations are safe for the neighborhoods they operate in. Their environmental programs are setup to meet or exceed the environmental regulations and conserve resources. Obsidian Energy operates each energy site with a few major concepts in the forefront of their minds. They keep accurate stakeholder communication accessible, employ good reclamation practices and responsible site abandonment techniques. View More Information Here.
Obsidian Energy has made some drastic changes since it hit a debt level of $3 billion in 2013. Recently its debt has been lowered to a net debt of $384 million. It has further reduced its overhead by reducing its employee count from 1400 down to 300. It also limited its daily oil production from 135,000 barrels per day to 28,000. Today Obsidian Energy is leaner and stronger with a more focused approach to achieve significant growth in the future.