Obsidian Energy Ltd. was previously known as Penn West Petroleum Ltd. It is a mid-sized natural gas and oil production company headquartered in Calgary, Alberta. For a while, the Canadian company was among the sixty giant corporations on the Toronto Stock Exchange. The company was a Canadian royalty trust (CANROY) from 2005 to 2011 and attained a peak market capitalization of about $9.5 billion in January 2008.
The company’s oil and gas fields are along the Western Canadian Sedimentary Basin in Alberta. This region is known to be one of the largest petroleum reserves in the world. Oil production comes from three critical regions in Alberta. This includes the Alberta Viking, the Peace River Oil sands, and the Pembina Cardium.
Just like any other enterprise, the company experienced financial and operational difficulties in 2014. This was due to the fall in oil prices. Consequently, the company had to undergo a great deal of restructuring and a majority of the assets were sold to reduce debt. See More Info Here.
The company recently announced an approval by the shareholders to change the name to Obsidian Energy limited. With respect to the name change, its stock symbol was replaced with OBE in the New York Stock exchange. The replacement was also affected in the Toronto Stock Exchange. No shareholders action was required by the regard to the change. The following principles guide the company:
- Disciplined commercial and technical decision making to establish and protect its values
- Relentless pursuit of innovation and progress
- Accountable and transparent shareholder efforts.
Obsidian boasts the right assets, prudent hedging strategies, and a healthy balance sheet. The traits give the company a competitive edge in the dynamic and competitive natural resource industry. According to the company president and CEO, David French, the company was pleased to recognize the final step in its transformation as a symbol of a new beginning in its story.