The Business Life For Over 80 Years
You may know it by its previous trading titles, Penn West exploration limited or Penn West Energy Trust or by its current title Obsidian Energy Limited. Obsidian Energy is a public company in the oil and natural gas industry. It was founded in Calgary, Alberta, Canada in the year 1979 and has its headquarters in Calgary. The company has well over 300 employees who work under the leadership of David L. French, its president, and CEO.
Obsidian Energy deals with the production of oil and natural gas hence its name Obsidian which stands for naturally occurring volcanic gas that can be sharpened and horned. During its first years in business, the company was one of the sixty largest companies in the Toronto Stock exchange. Between the years 2006 and 2011 it was a Canadian Royalty Trust and had a market capital of roughly 9.5 billion in dollars. This was when the company was still under the trade title, Penn West Investments. At this time the company had 1400 employees who produced 135000 barrels of oil per day.
In the year 2014, the company faced accounting challenges as it publicized that several hundreds of millions of dollars had been incorrectly classified hence reaffirming its monetary reports. This announcement resulted in allegations of stock option manipulation hence giving rise to numerous class-action lawsuits from stakeholders. These lawsuits were later resolved in 2016 after which the company CEO and president, David French, proposed a name change to mark the beginning of a new and better error for the company. The company downsized into a much smaller establishment as compared to the prior with a more estimate production of 28000 barrels of oil per day. See This Page for more information
In June 2017, when the company name was changed from Penn West Petroleum to its current title, Obsidian Energy limited, the shareholders came up with three crucial principles that are aimed at leading the company to a more successful venture. These principles are: methodical technical and commercial resolution making to construct and safeguard enterprise value, secondly, unrelenting quest for growth and advancement, and finally apparent and liable efforts with stakeholders, associates and their communities of maneuver. With a new name, new logo, new set of rules and principles, Obsidian Energy is set to rise to its former days of glory and even better.