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Posted by John Kokish on

Obsidian Energy Appoints Gordon Ritchie To The Board of Directors

Gordon Ritchie has worked for over 37 years in the financial services industry. He recently retired as Vice Chairman of the Royal Bank of Canada Capital Markets. His other extensive experience and qualifications include regulatory credentials from Canada, the United Kingdom and the United States. He spent two years on the New York Advisory Committee to the New York Stock Exchange Board of Directors. He’s still on the boards of two other publicly held companies. Ritchie spent six years as President and C.E.O. of the Royal Bank of Canada Dominion Securities Corporation in New York. He served as Co-Head of RBC’s International Corporate Finance Group, in London, England. Obsidian Energy’s acting Chairman of the Board, George Brookman, expressed his appreciation for Ritchie agreeing to serve the recently reorganized company.

 

Until June 2017, the company was named Penn West Petroleum Ltd. It is a medium-sized oil and natural gas production company based in Alberta, Calgary Canada. Its portfolio of wells produces 30,000 Barrel of Oil Equivalent daily. David L. French, who joined in October 2016. continues to serve as the company’s President and CEO. Obsidian says it plans to grow modestly in the next three years, depending on growth in energy prices.

 

Previously, Obsidian Energy had taken on unsustainable levels of debt. That was almost $3 billion at the end of 2013. However, in 2014 the price of oil and natural gas fell, and it could no longer maintain its debt load. By the end of March 2017, it was down to $384 million. Aside from changing the name to Obsidian Energy, the company reduced the debt by selling off assets, so it is smaller, but far less dangerously leveraged. From 2005 through 2011, the company was structured as a Canadian Royalty Trust or CANROY. And it was once one of the S&P/TSX 60, a list of the 60 largest companies in Canada. However, a change in Canadian law forced it to restructure into a corporation.  Read This Article to learn more about the company.

 

Obsidian operates oil and gas fields in Alberta, part of the Western Canada Sedimentary Basin. That’s one of the largest fields of oil in the world. Obsidian owns assets in the Pembina Cardium, the Peace River and the Alberta Viking.

 

Related: 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&

Posted by John Kokish on

New Name For Better Results: Penn West Petroleum Reinvents Through Obsidian Energy

It’s clear that Pen West Petroleum Ltd is now Obsidian Energy. After going through a crisis in 2013, a change of name is among the major decisions that the management of Penn West Petroleum has taken to see them bounce back and claim the reputation of being a Canadian oil giant. The management is promising new changes in the company’s structure to meet the demand of energy in Canada. After deciding on the new name, the management embarked on the process of reducing the net debt.

 

In 2013, the debt stood at $3 Billion, and recently, the company announced that the balance had dropped to $384 Million. Obsidian Energy is also focused on improving service delivery. This has seen them make adjustments in the barrel production and workforce. They have opted to go small in the beginning as the new measures are enforced before widening their market countrywide. In a few years to come, Obsidian Energy is planning to become a major oil giant in North America.

 

Obsidian’s Journey

 

Since its founding in 1979, Penn West Petroleum has gone through different developmental phases. Before crude oil prices fell maximally in 2014, Penn West Petroleum was making its mark in the gas and oil sector. In fact, the company is recorded to have accrued $9.5 billion as at January 2008. The crisis saw the company go through a restructuring process. Among the adjustments included the downsizing of the workforce and a reduction in oil production volume. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.

 

This move has seen Obsidian Energy’s revival in the Canadian energy sector. With the oil field of the company in Alberta, they are aiming at stepping up oil production in the next few years. This year’s overall oil production is estimated to be 31,000 bbl. Under the leadership of David French, the company’s CEO, Obsidian Energy is on course to reassert its dominance in the Canadian oil and gas industry.

 

Conclusion

 

The management of Obsidian Energy is very optimistic about the latest developments. The new face is determined to deliver quality energy provisions and service to the Canadian market. With the structures already in place, it’s just a matter of time before Obsidian energy reclaims its throne.

 

Visit This Page for additional information.

 

Source: https://en.wikipedia.org/wiki/Obsidian_Energy

 

Posted by John Kokish on

OBSIDIAN ENERGY: THE OIL AND NATURAL GAS PRODUCTION FIRM

Obsidian Energy is an oil and gas production firm. The company was formerly known as Penn West Exploration Limited, Penn West Petroleum Limited, and Penn West Energy Trust but on 26th June the company merged, and it got renamed formerly to Obsidian Energy Limited.

 

The oil firm didn’t only change its name; it also went through considerable changes to be able to refine its products and services. Although these significant changes influence every sector of the company, they were also able to lead to the noteworthy growth of the oil and natural gas firm. Obsidian Energy is a brilliant energy producing company and it manages to produce approximately a whopping 30,000 boe daily. The mid-size oil and natural gas company employ a well-balanced and disciplined team throughout its ranks. The passionate entrepreneurial spirit that revolves around the company can be clearly seen through the results it has been able to come up with.

 

Obsidian Energy is based in Calgary, Alberta in Canada. Obsidian Energy was started in 1979 and its headquarters is in Calgary. However, the company has oil and natural gas wells all over Western Canada. These wells are located specifically in the Western Canada Sedimentary Basin where some of the biggest petroleum reserves are located. Obsidian’s oil and gas production is done in Peace River Oil Sands, Alberta Viking and Pembina Cardium.

 

The company’s CEO and President is David L. French and it employs approximately 300 employees. Mr. French joined the company in October 2016. Other experienced staff that Obsidian employs include; David Hendry who is the Chief Financial Officer, Tony Berthelet the Vice President of Development and Operations, and Andrew Sweerts the vice president of production and technical services among many other professionals.

 

The oil and natural gas firm managed to maintain the position of one of the sixty largest companies in the Toronto Stock Exchange for the longest time. However, between 2005 and 2011, the company was under the Canadian Royal Trust. It was during this period that Obsidian was able to reach a peak in market capitalization. In January 2008, the company reached a market value of around 9.5 billion dollars. In 2014, the price of world crude oil decreased but the company was able to stay afloat.

 

Go To This Page to learn more about Obsidian.