When Penn West was coming into the energy market many years ago, it had no idea the kind of future that was waiting for it. The organizations put in place all the necessary measures to ensure that there was success at the end of the year. Investors from all areas of the United States were interested in the company because they knew that the future was going to be bright. People who came across the company portfolio were excited because of the kind of results they were getting. The markets, however, changed after a short time. Things started changing when the energy market started experiencing losses.
Penn West was not ready for some of the challenges that presented themselves after just a short time in the market. Investors started getting worrying profits at the end of the month. To make matters worse, the company was slapped with a fraud case that involved the financial department of the institution, and things were only getting worse each passing day. For Penn West, huge debts started streaming in, and this marked the start of many challenges. Get Additional Information Here.
The leaders of the energy company met with investors in Penn West so that they could come up with the solution the company was facing. Being in debt has never been a great thing for any organization. Penn West has had to work day and night to clear its debts and also clear its fraud case. The initiative started several weeks ago when the organization decided to rebrand. According to the company president, the company will even get a new name.
Penn West will now be using the name Obsidian Energy. The company officials sat down and had a lengthy conversation before they could arrive at this conclusion. Obsidian Energy represents a very strong and extremely durable glass material that can withstand all the tough changes in the climate. Penn West knows that it will be able to associate with the behavior of this glass material in the future, a sign that it is ready to reform. Penn West has announced that the changes will be effective immediately after the company has presented the papers in the relevant authorities.
Currently, the company has approximately 300 employees on staff. Still the company has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc.
See Also: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy
If you would like to get great fuel from a wonderful company, one of the best options available to you is known as Obsidian Energy. Obsidian Energy has been around for quite some time, formerly as Penn West Petroleum, and has become one of the best choices for people who want and need to be able to get fuel for their homes or offices. If you are tired of spending a ton of money on fuel that you can get cheaper otherwise, it might be time to think about choosing Obsidian Energy to ensure that you get a better-quality product at a more affordable rate. Obsidian is Canada’s leading fuel and oil producer, so you can feel confident in knowing that you’re choosing a company that works with its customers.
Obsidian was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY). With several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
For anyone who has ever overpaid for their fuel oil, you know how frustrating this can be because you don’t feel like you have much of a choice. This can be a real problem when it comes time to place an order because you may put it off solely because of the price involved. With Obsidian Energy, you can be sure you are getting the fairest price possible, and this is why so many people have chosen this fuel oil company for themselves. If this is something you feel you can benefit from, be sure to contact Obsidian Energy and see if they are going to be able to provide you with an amazing product that is sure to help your home or office to run better. Click Here for related information.
You can contact Obsidian Energy if you would like more information on what this amazing company is able to do for you. There are a lot of people who have made use of this for themselves and are happy with what Obsidian Energy has done for them. Not only are you getting a better fuel that you simply would not be able to get locally, but you’re also going to find that it is a whole lot cheaper than anything else that you might have been able to buy in the past. Make sure to contact Obsidian Energy for more information and to place an order.
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The Obsidian Energy was established in June 2017.The partners of the company exhibited passion in their work. The company transacted its business with the communities, shareholders and the partners. David French gave an inspiration that the change of the name was due to Obsidian Company’s natural glass and could be sharpened and honed easily. He also acted as the Chief Executive Officer of the Obsidian Company.
The organization crafted provided the platform for delivering the results from the bottom line and spirit for entrepreneurs to excel in the industry. Originally, the energy company was known as Penn West Petroleum Limited. The Obsidian Company later offered three- quarters of the operational and financial results of 2017.
David French who is the Chief Executive Officer and the President congratulated Obsidian Company for its hard work. The drilling of oil forays in the previous years recorded high results as they proceeded to 2018 expecting the same results. Presently, the company has three wells producing two thousand bales of energy in a day. The Obsidian group overpowered all the oil refining companies that time.
The Peace River Oils Sands, Alberta Viking, Pembina Cardium Projects and others gave high information rates motivating other companies to continue funding the thriving projects. The Obsidian Company predicted good results during the year, where the production increased from 30,500 up to 31,500 in a day of the product range. Eighty percent of the flow of funds from the operations will boost the production in 2018. David French said that the company has prospects ready for drilling and conducting its operations to exceed the available five percent more regulating the second program on oil prices.
The Board Budgeted 135million dollars in the year 2018 for running the drilling opportunities. The board provided the dependable and scalable profile for 2017 third quarter information of the company. This enabled production in a day in the third-quarter to be30, 166 bales of energy. The Obsidian Energy and the French organization made an agreement on selling their interests to the Eastern Alberta in the year 2017 worthy 40 million dollars.
The Chief Executive Officer was confident that the company would achieve double percentage between the fourth quarter of 2016 and 2017 un-indebted. David French predicted more opportunities in development.
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This public oil and gas company, formerly named Penn West Exploration Ltd, was established in 1979 and it operates from Calgary, Canada where its headquarters are situated. The name was successfully changed after the shareholders agreed. It has been among the 60 largest companies on Toronto Stocks Exchange. Its oil fields are spread all over the Alberta region. The employee team led by their president and CEO, David L. French, is made of about 300 people. David French said they chose the name Obsidian Energy because the volcanic glass that bears that name can be sharpened and honed.
For more than five years, Obsidian Energy was a Canadian Royalty Trust (CANROY) member and realized a high market capitalization of $9.5 billion in the year 2008. In 2011, it changed its operations from CANROY to a corporation. Its daily production of oil is projected to 28,000 barrels in 2017. The CEO states that the success achieved in the recent past is a result of the busy drilling campaign in specific areas.
The company’s production of liquids is measurably above the expected levels in the economic market, and the team behind these results is determined to increase the production in 2018. Obsidian Energy has already announced a substantial budget for the coming year which translates to a 5 percent growth in production. The company has previously carried out asset sales and minimized its workforce to increase production. Currently, the company runs on its own generated cash. See This Page to Learn More.
In 2018, the production will increase to 31,000 to 32,000 barrels per day from the current 28,000. If the company will sell a barrel for 14 dollars and minimize expenses, the returns shall exceed those attained in 2017. Its cash flows are growing steadily, and commodity prices have a good yield. Its trading strategies are meant to enable the oil company to pursue a modest return over the coming years.
The leadership notes that all information in the 5-year projection is based on assumption and its success is, therefore, a factor of the risks that any business faces. However, its 2017 third-quarter results are the perfect display of Obsidian’s achievements in 2018.
Related Article: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy
With its headquarters in the City of Calgary, Obsidian Energy is a medium-sized oil and natural gas production company. The Canadian firm is publicly-listed on both the Toronto Stock Exchange and the New York Stock Exchange. Originally founded in 1979, the company has experienced structural changes over the course of its history. Before shareholders voted in the name change to Obsidian Energy, the firm was previously known as Penn West Petroleum Ltd. The Company boasts ownership of oil reserves in the province of Alberta- one of the world’s richest oil reserves. Although the Company has scaled down its oil production over the past few years, it is still reported to produce an astounding 31,000 barrels per day!
Home to hundreds of dedicated employees, Obsidian Energy is driven by passion and complete accountability to their stakeholders. Also, worth noting is that, at the helm of the company’s organization structure sits an elite team of experts in the fields of oil exploration, production and general mining. These individuals with vast experience and immense technical know-how are pooled together to form Obsidian Energy’s Management Team. To continuously foster the growth prospects of Obsidian Energy, the company’s Board of Directors pools experts from disciplines such as Finance, Technology, Banking and Law. This also attracts potential stakeholders who may have an interest in any of these fields into the company.
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Another advantage brought about by this diversification of the company’s Board of Directors is the exposure to different perspectives. The firm will always benefit from having a multi-faceted approach to issues facing them. This is accredited to the different specialties the Directors bring into the company. Hypothetically speaking, Obsidian Energy is in a position to develop their own internal solutions to most challenges facing them.
In addition to being a promising investment option, Obsidian has also taken the initiative to positively influence society. The firm has done this by ensuring minimal environmental degradation during mining activity. Their oil production activities are guided by stringent environmental preservation principles such as appropriate abandonment of mines and mine reclamation.
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|Obsidian Energy; formerly Penn West Petroleum Ltd., is a Canada-based natural gas and oil production organization whose reputation has grown over the years. The firm is a public company, previously known as Penn West Energy Trust. Since its founding in 1979, Obsidian Energy has expanded in each aspect including in its workforce. At the moment, the Calgary-situated company hosts almost 300 employees. Besides acquiring a peak in the organization’s labor input, Obsidian Energy has experienced other achievements concerning increase in monetary value and its reputation. For seven years, the group was considered a Canadian Royalty Trust and grew to its peak in 2008 when the company’s market capitalization was approximately $9.5 billion. Obsidian’s proximity to petroleum reserve locations has contributed to its success in its respective industry.
The company began its new chapter when it attempted to change its name from Penn West to Obsidian Energy Ltd. In conjunction to the altering of the name, Obsidian Energy’s stock symbol also transformed to OBE in each stock market. Obsidian Energy Ltd incorporated three major principles that would guide the organization towards the attainment of success. The first element entailed the incorporation of technical and disciplined commercial decisions for the protection of the value of the enterprise. Other principles are the continuous pursuit of excellence and the element of transparency with the company’s shareholders. See This Article to Learn More.
According to the President of Obsidian Energies, David French, the firm is equipped with the required assets and an effective strategy that will give a chance to the organization to experience transformation in its new chapter. In addition to the change of the enterprise’s title, the shareholders approved all other resolutions that were outlined by Obsidian. Additionally, Obsidian Energy’s choice of the current name was motivated by its natural explanations that emphasized the occurrence of volcanic procedures that can be sharpened. Under the guidance of David French, Obsidian Energy will take a new trajectory leading it to greater heights. The adherence to its set principles will over short period yield positive results, including the gaining of the expenses used to pay the organization’s debts. At the moment, Obsidian produces 28,000 oil barrels daily.