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Obsidian Energy Preparing For A Bright Future November 1, 2017

Obsidian Energy Ltd is a Canadian business that is working in the industry of oil and natural gas. The company has switched its name a few times. First, the company was  called Penn West Exploration Ltd. And the previous title was Penn West Energy Trust.

 

The business of Obsidian Energy Ltd was created by businessman Mr. David L. French. He is operating as the Chief executive officer of the company as well as its President. Obsidian Energy Ltd has been based in Calgary, Albert in Canada since its inception back in 1979. Up to date, the company has three hundred employees.

 

Like any other business, Obsidian Energy has also had its ups and downs. For some time, the company was one of the sixty biggest firms on the Toronto Stock Exchange, and from 2005 up to 2011, Obsidian Energy was also CANROY or Canadian Royal Trust. During that time Obsidian Energy reached its all-time peak in profits and in January 2006 it achieved a revenue of nearly ten billion dollars.

 

In 2014, however, the prices of crude oil fell significantly. That started some problematic times for Obsidian Energy, and so the business went through a sharp restructuring. The most substantial part of the assets of Obsidian Energy had to be sold off over the next couple of years in order to pay off the debts.

 

Up to date, Obsidian Energy has its fields of gas and oil located in the province of Alberta, Canada. They are located in the region of the Western Canadian Sedimentary Basin. It is among the wealthiest petroleum reserves on the planet. The production of the company is sourced from three primary areas which are the Peace Riviera oil sands, the Pembina Cardium, as well as the Alberta Viking. For the year of 2017, it is expected that the production will reach an average of about 31 000 bbl. a day. Visit This Web Page for more.

 

So far, Obsidian Energy Ltd has been gaining a lot of attention. The company is going strong with production as well as sales. Although the business has had some hard times along the way, Obsidian has set eyes towards the future of the company.

 

Related: http://www.ogj.com/articles/2017/05/penn-west-petroleum-moves-toward-changing-name-to-obsidian-energy.html