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.


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