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Obsidian Energy Under The Leadership Of New CEO David French March 5, 2018

Obsidian Energy is a Canadian oil and gas production company. It is headquartered in Calgary, Alberta. The company was one of the top sixty companies on the Canadian Stock Exchange and was known as Penn West Petroleum Ltd. until 2014 when crude oil prices dropped dramatically.

Penn West was one of several corporations that was a Canadian Royal Trust(CANROY). This classification allowed the company to not pay federal taxes if they distributed their profit to shareholders. In 2011, the government changed this rule and all CANROYs converted to regular corporations. After the oil crisis of 2014, the company restructured to keep in line with the change in the energy industry and became known as Obsidian Energy. The company brought on a new CEO, David L. French, and so far that has proved to be a winning step for the company.

David L. French is the President and CEO of Obsidian Energy. He has held this position since 2016. French came to the company with a rich background of executive history, over 20 years of executive experience, and a top-tier education as well. David French graduated from Rice University with a Bachelor’s degree in Mechanical Engineering. He then earned a Master’s Degree in Business Administration from Harvard Business school. His experience includes.

 

  • CEO and President of Banker’s Petroleum Ltd.

 

  • Global Vice President of of Business Development at Apache Corp.

 

  • Regional Production Manager for Apache Canada

 

  • Production Engineer Manager for Apache Canada

 

  • Director of Purchasing for Apache Corp.

 

  • Associate Principal at McKinsey and Co.

 

  • Planning & Operations Engineering for Amoco

 

French has the history and expertise to be a big influencing factor on Obsidian’s success. He has a positive outlook on the future of the company. Under his leadership, Obsidian Energy will carve out its stake in the energy industry. Go To This Page for more information.

 

See: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

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A Renewed Focus For Obsidian Energy February 7, 2018

Obsidian Energy may seem like a new company by name, but the Canadian oil company has been around for years. Previously named Penn West Petroleum, the company voted in the summer of 2017 to change their name to Obsidian Energy. The company named a new Chief Executive Officer in 2016, Dave French, who looks to grow the company modestly over the next few years as the oil market continues to fluctuate. By March 31, 2017 the company had already reduced its debt from the $3 billion it owed at year’s end in 2013. This dramatic was the result of Obsidian refocusing its production areas from more than 30 to just four. Obsidian has also reduced its employee base down to just over 300 from over 1,400 employees in 2013.

 

Obsidian Energy is an oil and gas production company that is headquartered in Alberta, Canada and produces upwards of 30,000 barrels of oil per day. In January of 2008 it was one of the largest energy companies in Canada, with a market cap of over $9 billion. they have oil and gas fields that are located in the Western Canadian Sedimentary Basin with the majority of the focus in Pembina Cardium, Peace River, and Alberta Viking oil sands regions.

 

Obsidian’s focus moving forward is on leaner production with a renewed focus on more steady growth in a wildly fluctuating energy market. The President and CEO of Obsidian Energy is David French and the Chief Financial Officer (CFO) is David Hendry. The rest of the management team is made up of Tony Berthelet (VP Operations), Andrew Sweerts (VP Production & Technical Services), Mark Hogsdon (VP Business Development & Commercial). The company has a nine-member Board of Directors, with George H. Brookman serving as the Acting Chairman. Obsidian Energy is excited about its role in Canada’s oil & gas industry in the years ahead. Go Here for related Information.

 

Source: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-shareholders-approve-name-change-to-obsidian-energy/article35463586/?ref=http://www.theglobeandmail.com&

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Obsidian Energy Re-Emerges With Improved Policies and A Stronger Workforce January 27, 2018

Known initially as Penn West Petroleum, due to recent events, this firm has re-named itself and emerged from the shadows as Obsidian Energy. The primary purpose of the new name for the company was because this group has evolved over the last few years, and the leaders of this organization believe that the firm does not resemble the values of Penn West Petroleum any longer.

 

 

The name Obsidian Energy was approved recently by Shareholders of the firm, who voted 92 percent in favor to change the name. The new name means a naturally occurring glass, from volcanos that can be honed and sharpened. Obsidian as a name for the firm fits perfectly with their evolving values, stronger policies and a smaller but stronger workforce.

 

 

Dave French, CEO of the firm, believed that it was high-time for a new title for the company and this long-awaited change was welcomed by him and other shareholders. The new title for the establishment was in light of the recent issues faced by Penn West Petroleum in the last four years.

 

 

The original workforce of the firm was 1,400, but after the name change, the business has let go of many employees and retained the most reliable 300 employees that stand by the core values of the improved version of this company. Production of oil has also reduced from 135,00 barrels to 28,000 per day. While the production has significantly declined, the firm is now laying extra emphasis on focusing on four essential production sectors to ensure that they provide quality solutions to existing and new clientele. Go To This Page for related information

 

 

Being a mid-sized oil and gas producer, Obsidian Energy has a well-balanced portfolio that consists of excellent quality assets that are created by following all the set regulations by the book. The establishment is built around the assets and is aimed at offering an efficient platform to ensure that clients get bottom-line results when they choose Obsidian Energy.

 

 

The name changes also resulted in an improved entrepreneurial spirit that is meant to help the company flourish in this ever-changing sector. The principles of this group consist of passion for the tasks taken, discipline at the workplace and being accountable to partners, clients, communities, and shareholders.

 

Learn More: https://www.bloomberg.com/quote/OBE:CN

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How to Get Fuel Through Obsidian Energy January 24, 2018

Obsidian Energy is one of the largest and most well-known fuel and energy suppliers in the world. They have been in the business for well over a decade now, and this allows them to provide superior-quality products at affordable prices because of the large number of clients they work with on a daily basis. By checking out the Obsidian Energy website, you’ll notice that they have worked with some of the largest corporations in the world at supplying their fuel, so this is a company you can trust if you would like a fuel supplier to work with on a regular basis.

 

Because of the work that Obsidian Energy has done, they are able to offer not only a superior product, but great prices as well. This simply means that you can buy the items that you need without it becoming too expensive for you. Plus, if you can keep prices down for yourself, you can also keep prices down for your potential customers. This is an essential part of owning and operating a business, as this helps to bring in more customers each and every day. This is why Obsidian Energy puts the time and effort into buying fuels and energy products at more affordable rates.

 

If you feel it is time for you to get your products through Obsidian Energy, it is important that you contact them and find out more about the different products they have available to you. Once you purchase the items, they will be shipped to your store or corporation and you will be sent a bill that you will find to be affordable and effortless on your budget. There is a reason a lot of people have chosen Obsidian Energy for themselves, and this is because of the different type of work that these folks have done to those who are trying to buy great products without breaking the bank in the process. You can contact Obsidian Energy if you need additional information before placing an order or just have some questions that you need to have answered before choosing their products. Refer to This Article for more information.

 

The company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).

 

Learn More: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

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Reassured When Investing In Obsidian Energy December 19, 2017

Introduction

 

Obsidian energy mainly manufactures oil and gas in addition to other assets. The company was formerly known as Penn West Petroleum Ltd. until undergoing the name change on June 26th, 2017. David L. French, the president and Chief Executive Officer of Obsidian Energy, joined the company after his experience working for different companies. His previous works were the following:

 

– President and CEO of Bankers Petroleum Ltd. The Oil and gas company that originated from Calgary.

– Examined reservoir rock types, and primary-tertiary development through several regions.

 

French has also earned a Bachelor’s degree in mechanical engineering from Rice University and attended Harvard Business School to earn his MBA.

 

 

Operations of Obsidian Energy

 

Obsidian aims to scale their company worldwide. However, many ongoing operations are taking place in different regions. The infrastructure of the Alberta Viking area gives the city an advantage to the company since its light oil and gas mixture allows shorter cycle activities. This supports long cycle activities in the Cardium area. In an effort to reduce decline rates on wells, Obsidian Energy is working on an integrated waterflood approach that maintains the pressure of reservoirs that are connected to the wells.

 

In addition to the operations in the Alberta Viking and Cardium area, the Peace River is also undergoing manufacturing. The company created a joint venture partnership with the China Investment Corporation, the Peace River Operated Partnership (PROP). Click Here for more information.

 

 

An Environmentally Friendly Company

 

The Community Matters program allows employees and contractors of Obsidian Energy to manage their operations while dealing with the concerns of citizens. It’s vital to reduce any property damage from oil and gas operations. Their environmental programs satisfy all environmental regulation by stakeholder communication, resource conservation, abandonment of proper sites and approval of work done on reclamation sites.

 

Learn More: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy

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Obsidian Energy Strengthens Commitments and Focus December 5, 2017

Penn West Petroleum Ltd. has rebuilt itself from the ground up and changed its name to Obsidian Energy Ltd. Based western Canada Obsidian Energy underwent significant internal restructuring when it changed its name in June of 2017. The company is now producing 30000 barrels of energy per day under its new management and structure.

 

Obsidian Energy is under the strong and experienced leadership of George H Brookman. Mr. Brookman Is the former CEO of West Canadian Industries Group Incorporated. His team includes David L French as acting President and CEO. Mr. French served as the President and CEO of Bankers Petroleum Limited before joining Mr. Brookman at Obsidian Energy. Under the guidance of Mr. Brookman and Mr. French, Obsidian has devoted itself to the community, its environmental health and safety concerns and corporate governance offering investors a safe, secure and profitable venue.

 

Obsidian Energy promises and produces a positive impact upon the communities and surrounding communities where it holds bases of operation. The company is committed to mitigating the impact on the environment from its oil and gas production. They seek to set new industry standards exceeding current regulations. Health and safety is a major focus of Obsidian Energy and it is dedicated to not only its employees but the surrounding community and environment. It offers strong avenues of communications to ensure the health and safety of employees, their families, friends and the general public throughout all its bases of operation.

 

For investors Obsidian Energy is reporting strong 2nd quarter results for 2017 and is predicting 5% growth for 2018. The Deep Basin, Q3 Program and Waterflood performances are exceeding all expectations for 2017 and 2018. Investors can expect a more simplified and streamlined reporting system. Improved communications include conference calling and webinars covering the topics of analysis and financial statements. Digital recordings of the conferences are available and are posted with the Securities Exchange Commission.

 

Obsidian Energy Ltd. has extensive holdings and bases of operations located in Alberta Canada and is resolute in its commitments and accountability to its shareholders, partners, employees and the communities it serves.

 

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The New Face Of Powering The Future By Obsidian Energy December 3, 2017

Energy production in the current dispensation of changing global trends is a subject that cannot be overlooked or taken lightly by any company involved in power production. In this regard, Obsidian Energy has gone beyond ideological considerations as evidenced by its recent changes. Obsidian Energy, formerly known as Penn West Petroleum Ltd underwent a momentous change on 26th June 2017 in a bid to redefine how energy production will be done within the organization. In addition to redefining how Obsidian Energy will step up energy production, the name “Obsidian” rightly suits the company’s new outlook to emerge as natural as possible and also perfected and polished.

 

Just like any other serious company that understands the dynamics of business in the midst of numerous global changes, Obsidian was driven by the resolve to resurface in as more resilient and adept in energy production. Obsidian Energy remains optimistic that it will make immense developments and this is a positive move. This is possible because of the company was previously categorized among the sixty largest companies in the stock market in Toronto. The other promising factor about Obsidian Energy is that it has gas and oil fields in West Canada, thus accessing one of the best and biggest petroleum reserve in the world. The new outlook of Obsidian Energy is already bearing fruits as evidenced by the positive performance in the announcement of its third quarter financial results ending in September 30, 2017. The company has projected a five percent growth in the year 2018 and this clearly indicates that the company is on right track. Read This for additional information about Obsidian.

 

As a consideration and commitment to genuinely improving lives in the communities, Obsidian Energy has initiated unsullied initiatives geared towards mitigating negatives that are related with energy production. Obsidian Energy employs serious accountability in regard to safety of employees and other persons who are connected or affected by it operations. This is done through well outlined safety standards and most notable is in their plans on how to respond to emergencies arising during energy production.

 

Visit: https://finance.google.com/finance?q=NYSE:OBE

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Obsidian Energy December 1, 2017

After the company was renamed, Obsidian has experienced immense growth. The management has been keen to ensure that the budget is spent wisely. The company faced several challenges, and the administration came together to provide a solution. After some discussions, 92% of the shareholders voted in favor of the resolution. Apparently, when all the stakeholders agree on something, then implementing it becomes more natural. That is why the company rose again even after the challenges that led to its collapsing.

 

 

Formerly, Penn West Petroleum Ltd., Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff. One of the main things that are emphasized in the company is the safety of the workers and the surrounding community. The workers are encouraged to put on safety gear whenever they are working. Wearing safety clothes help in preventing accidents that could be averted. Due to that, they have come up with safety principles that must be observed by all the workers. The company’s management ensures that compliance by establishing appropriate programs.

 

 

Also, any injury that occurs must be reported and investigated. Apart from that, all the applicable jurisdictional regulation must be enforced in the site. Therefore, when all the rules are observed, chances of accidents occurring are minimized. They also have an emergency response plan. Obsidian energy is ready to respond to any emergency involving its operation. Due to proper management, the company has continued to have positive results. It had made arrangements for clearing some of the debts incurred when it had some crisis. Find Related Information Here.

 

 

The other important thing that concerns Obsidian Energy is the environment. Measures are put in place to ensure that the situation is not damaged. Oil and gas can cause significant environmental effects. The management understands s all the results and that is why they came up with methods of minimizing the effects. If the environment is not conserved, then the relationship between the company and the surrounding community can be tense. The community can accuse the company of poisoning them. We all know that for a business to be successful there must be a proper relationship between Obsidian Energy and the society. The workers from the group must also respect the people form the surrounding community.

 

See Also: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-shareholders-approve-name-change-to-obsidian-energy/article35463586/?ref=http://www.theglobeandmail.com&reqid=%257B%257Brequest_id%257D%257D

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The Noble Obsidian Energy November 29, 2017

Obsidian Energy provides quality products to its consumers. The company produces oil and gas that are well balanced. The Obsidian Energy produces 30,000 liters of energy daily. This aspect has enabled the company y to succeed in their endeavors since the staff is determined to achieve their goals. The results that have been posted by the company have been phenomenal hence they have attracted more clients.

 

 

The employees of Obsidian Energy have been passionate about their undertakings. Discipline alone has propelled the company to greater heights. The shareholders have also been accountable for every activity that is going on in the company. The communities and partners of the company who are also the shareholders have been briefed on every activity of the company.

 

 

The Obsidian Energy is a public company that was founded in Canada formerly Penn West Petroleum Ltd. The Chief Executive Officer of the company is known as David L French. The company has been able to employ several numbers of employees. Currently, 300 employees have been employed in 2017. The headquarters of the company is situated in Calgary.

 

 

Obsidian Energy contains fields that process gas and oil. The location of the fields is in Alberta. The sedimentary basin that is located in the west of Canada is the region where the products are manufactured. The region has been ranked as the best in terms of having reserves of the products. The Alberta is famous for containing three areas that manufacture the products. The Pembina Cardium, Alberta Viking, and the Peace River Oil sands are the areas where the products are manufactured.

 

 

This year, Obsidian Energy is projected to increase its production with 31,000 liters of the oil projected to be produced. The employees at the company are offered skills that could propel them to greater heights. The company has introduced a performance culture where the employees are put to task to deliver.

 

 

The employees who deliver the best results are awarded benefit packages. Obsidian has enhanced environmental sustainability. The employees have been trained on how to handle the environment. The community has been engaging in vital matters of the company since they are part of the company. The safety issues have been promoted where the employees wear safety gear in all their operations.

 

See This Article for learn more about Obsidian Energy.

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Penn West Announces Its Official Re-Branding To Obsidian Energy Ltd November 27, 2017

David French, the president and CEO of Obsidian Energy, said that their fresh path would combine relentless pursuit to progress and innovation, accountability and transparency with shareholders, and appropriate decision-making both commercially and technically to develop and protect enterprise value.

 

Mr. French added that Obsidian Energy is looking to elevate the bar of performance due to its assets, prudent hedging strategy and a healthy balance sheet. The other activities undertaken during the meeting were the appointment of an auditor, election of directors, approval of new executive compensation approach, and approval of reduction of share capital for the purposes of accounting.

 

With a production capacity of about 30,000 bbl per day, Obsidian Energy is in a better position to achieve success in the evolving industry. For a long time, the Alberta-based company has been ranked among the 60 largest companies on the Toronto Stock Exchange. While operating as a CANROY- Canadian Royalty Trust, Obsidian Energy hit $9.5 billion in 2008, the highest market capitalization. The company operates along the Western Sedimentary Basin, which is among the world’s largest petroleum reserves. Obsidian Energy, through the initiative, “Our Community Matters,” is committed to protecting the community and the environment. They facilitate the production of safe oil and gas operations by minimizing their impacts on the environment and the community. Click Here For More Information.

 

They are also guided by safety principles that not only protect company workers, but also their families, friends and the public. The company has comprehensive emergency response programs (ERPs), which stipulate specific procedures and responsibilities of Obsidian Energy in case of an emergency related to their operations. To ensure effective corporate governance, the company communicates its approach to business operations and regulatory compliance to all stakeholders. The corporation strives to build and maintain relationships with external stakeholders while offering them training to ensure that they comply with the regulations.

 

Read More: http://boereport.com/2017/06/26/penn-west-changes-name-to-obsidian-energy-ltd-and-announces-voting-results-from-the-2017-annual-and-special-meeting-of-shareholders/

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