On the 26th of June 2017, Obsidian Energy Ltd came to be. Its name changed from Penn West Petroleum. Other than having a name change, the stock symbol was replaced with “OBE” on both the New York Stock Exchange and the Toronto Stock Exchange. These changes however did not require the stakeholders to make any changes with respect to the change.
According to David French, who is the President and Chief Executive Officer, the name change was a final step in the transformation that started a new chapter in their story. This new chapter bases the company on three principles; transparent and accountable efforts with partners, shareholders and the communities that they operate in; disciplined commercial and technical decision making that will not only build but also protect enterprise value; continuously pursuing innovation and progress. Obsidian Energy definitely is positioned well with the right assets, a prudent hedging strategy and a healthy balance sheet. This puts the company in a unique position to set a standard for performance in both high and low-price environments.
Other than the being a part of the name change, shareholders were involved in the process of approving all resolutions that were outlined.
Obsidian Energy was previously known as Penn West Exploration Limited, Penn West Energy Trust and Penn West Petroleum. It’s an intermediate-sized Canadian natural gas and oil production company that is based in Calgary, Alberta. Its portfolio is well-balanced with high quality assets producing an average of 30000 boe daily. Obsidian is committed to providing the right platform and delivering bottom-line results. The revamping brought with it a refocus on evolving and succeeding in the industry.
The President and CEO David L. French joined Obsidian Energy towards the end of 2016. Before assuming his position at the company, he was the President and CEO of Bankers Petroleum Ltd., which is a publicly –traded oil and gas company based in Calgary with has operations in Southeastern Europe. The rest of the management team consisting of David Hendry, Tony Berthelet, Andrew Sweerts and Mark Hodgson are working together to ensure that Obsidian Energy reclaims all the glory it is due.
Read More: https://www.bloomberg.com/quote/OBE:CN