Based in Canada, Obsidian Energy has been around for many years but under different names. Previously, the corporation working in the industry of oil and natural gas, used to be known as Penn West Exploration Ltd. until June 2017 when it changed its name to the current Obsidian Energy.
The headquarters of the corporation is located in Calgary, Alberta and the sources such as gas and oil wells are spread across western Canada. Obsidian Energy has been using the Sedimentary Basin in the west part of the country. The source is well-known for its abundant reserves. Other sources include the Alberta Viking, Pembina Cardium, and Peace River.
Obsidian Energy Ltd. is under the leadership of David L. French, serving as the President and Chief Executive Officer of the corporation. The company had 300 employees as of 2017. Over the years, the company has made a number of investments and acquisitions albeit under different names. In 2088, the business started getting an annual rate of 15 to 16 percent. The business was also a part of the CANROY, Canadian Royalty Trust, along with a dozen other business across the nation. Being a CANROY company has its benefits, but in 2011 Obsidian Energy became a regular business due to changes in regulations.
Over the years, the corporation has had its fair share of difficulties and advancements. In 2013, the business had a major decrease in its workforce, dropping from more than 2000 employees to less than a thousand. Canada had a significant drop in oil prices, forcing a number rob business working in the sector to downsize or even go out of business. Go To This Page for additional information.
Penn West Exploration, as it was called at the time, chose to downsize as much as needed and to persevere from there. The company downsized predominantly in the headquarters in Calgary. Alberta and the downsizing comprised of 35 percent of the overall workforce at the time of Penn West.
With leader David L. French, Obsidian is now growing again. The CEO and President has been with the business since October 2016. Previously, David L. French was working at Bankers Petroleum Ltd. as Chief Executive Officer.
Related Article: https://www.bloomberg.com/quote/OBE:CN