Obsidian Energy Ltd. was formerly known as Penn West Petroleum. But what are the company’s principles? What do they do? What major things have they done in the past and what are they working toward for the future? Refer to This Article.
Obsidian Energy was founded in 1979.
Just like when they were founded, Obsidian Energy is based out of Calgary, Alberta. They specialize in oil and natural gas. The company formerly went by the name of Penn West Petroleum and changed their name to Obsidian Energy on June 26, 2017. The name change came along with several other significant changes to the company to not only how they operate but how they do business as a whole. Obsidian Energy is committed to a bright future ahead and to being more capable than ever before.
The company has been extremely successful on the stock exchange.
For a while, Obsidian Energy Ltd. was one of the six most successful companies on the Toronto Stock Exchange. This peak of success lasted for several years and was around the same time they were also a Canadian Royalty Trust. This was between the years of 2005 to 2011. This success is a large part of what has made Obsidian Energy a trusted name for years and years to come.
Their oil and gas fields are locally sourced in Alberta, Canada.
They are primarily located in the Western Canadian Sedimentary Basin. Obsidian employees several hundred workers across Western Canada. David L. French is the current president and CEO. On average, Obsidian produces around 28,000 barrels of oil per day each year. This makes them a well-producing, efficient company. Obsidian also focuses on modest growth and keeping everything in manageable numbers.
The name “Obsidian” was chosen because the word itself refers to a type of naturally occurring volcanic material that is durable and can be easily molded.