It refers to a mid-sized company that deals with the production of natural gas and oil. The company is Canadian and has its base in Calgary, Alberta. The company name has undergone a lot of transformation. It began with the name Penn West Exploration Ltd., then the Penn West Energy Trust and eventually Obsidian Energy.
For an extended period, it was among the S&P/TSX 60 which refers to the sixty biggest firms in line with Toronto Stock Exchange. Between 2005 and 2011, it served as the Canadian Royalty Trust (CANROY). It is at the beginning of 2008 that it attained an optimal capitalization of the market whose worth estimated to $9.5 billion.
However, the firm underwent operational as well as financial challenges the moment the prices of crude oil dropped significantly in the year 2014. Consequently, the company experienced a substantial reorganization which included the sale of many assets for a period to bring down debt.
Alberta refers to the field in which gas and oil fields of Obsidian are situated. This is in addition to the sedimentary Basin of Western Canada. The region is among the most significant petroleum reserves across the globe. Pembina Cardium, the Alberta Viking as well as the Peace River oil sands are the major production areas in Alberta. The statistics have it that the expectation of the entire production of 2017 averages to thirty-one thousand bbl. in a day.
It was on the 26th June 2017 that Penn West Petroleum transformed to be named as Obsidian Energy.
Additionally, the assets, as well as the organization which has shaped them, offer the appropriate platform for delivering accurate results as well as the spirit of entrepreneurship which enables success in the course of the industry’s evolution.
The basis of Obsidian has a lot to do with discipline and high passion regarding our endeavors. It also has a lot of resolutions in line with being accountable to its shareholders, the partners and the entire community under which they execute their routine operations.
The fact that the company has been through a lot in its course of service is what makes it exemplary regarding its experience in carrying out its endeavors. The sector of the oil and natural gas is also in high demand especially at this time when the globe is resorting to clean energy.
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