Penn West has recently changed its name to Obsidian Energy after its shareholders, overwhelmingly, approved of the move. The stock symbol of the company also changed to “OBE,” but shareholders do not need to make any changes as they will still be invested. CEO and President, David French, expressed his pleasure with name change and commented that it marked the beginning of a brand-new chapter for the energy company. He also talked about the fact that Obsidian Energy is moving forward by following three principles, which include being as transparent as it can with its shareholders, making the best decisions in order to ensure that the company protects its assets, and by doing its best to move into the future through following an innovative and progressive path.
Obsidian Energy is a mid-sized gas and oil producing company that can produce around 30,000 boe every day. With a spread of assets that ensure the success of the company, Obsidian uses an entrepreneurial model of business that will allow it to survive the ups and downs of the changing industry. With its transformation, the company is re-inserting the way that it forms relationships within the communities that it works in and has completely re-committed to ensuring that its shareholders and business partners can count on it to pursue the better good of everyone involved with its mission to bring energy to the world.
One of Obsidian’s assets is in the Viking, Alberta area, and it produces roughly 1,766 boe every day. The company has infrastructure ownership of the entire Esther area, which provides it with a blend of shorter cycle wells that yield a blend of gas and light-oil. In Cardium, Obsidian produces close to 18,876 boe every day from high-netback, low-decline light-oil wells that rely on a combined waterflood strategy that has been successful used for many years to produce as much oil as possible. In the Peace River area, the company produces close to 4,823 boe a day in cooperation with its partner, China Investment Corporation.
Looking to the future, Obsidian Energy expects to continue its growth and keep its business partners and shareholders updated with its progress during every step of the way. Visit This Page for additional information.
Read More: https://www.obsidianenergy.com/