Formerly known as Penn West Exploration Ltd., Obsidian Energy is a mid-sized oil and gas producer. The company is based in Calgary, Alberta, and its location along the Western Canadian Sedimentary Basin which is among the world’s biggest petroleum reserves is strategic.
Obsidian Energy has three production areas: The Peace River Oil Sands, the Alberta Viking and the Pembina Cardium. It is among the top sixty large companies on the Toronto Stock Exchange. Between 2005 and 2011, Obsidian Energy Company was a Canadian Royalty Trust and it attained its peak market capitalization of approximately $9.5 billion in January 2008.
The renaming of Penn West Petroleum to the current Obsidian was built under the shareholders motive to pursue modest growth. To ensure this was successful, 92% voted in favor of the change. According to the CEO, Dave French, the name Obsidian Energy was appropriate because Obsidian is a natural gas that occurs in volcanic glass and can be sharpened and honed.
On 26th June 2017, Obsidian Energy officially changed its name from Penn West Petroleum to Obsidian Energy. The change of name affected the business aspects including the stock symbol which changed to OBE on its Toronto and New York Stock Exchange markets. In addition, the shareholders approved the listed resolutions in the 2017 annual and special meeting and the 30th April 2017 Management Proxy Circular.
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Obsidian Energy exists on the foundations of discipline, constant passion and accountability to its customers, partners and shareholders. Besides having strong corporate governance that puts everything clear to its stakeholders, the company takes care of community and environmental interests. In addition, health and safety measures and programs are upheld at the workplace to ensure employees are free from accidents. Currently, Obsidian Energy has a stable portfolio comprising of high-quality assets that yield about 30000 oil barrels daily.