Obsidian Energy is a mid-sized Canadian oil and natural gas company founded in 1979 that is based in Calgary, Alberta, Canada. Obsidian Energy from 2005-2011 was the 60th largest company on the Toronto Canada Stock Exchange.

 

 

Obsidian Energy

 

President and CEO

The President and Chief Executive Officer of Obsidian Energy are David L. French since 2016. David brings years of past leadership experience and knowledge to Obsidian Energy.

 

David French Education

 

Harvard Business School

Degree: Master of Business Administration

2000-2001

 

Rice University

Degree: Bachelor of Science – Mechanical Engineering

1987-1991

 

 

Obsidian Energy

 

Obsidian Energy was formerly named Penn West Petroleum Ltd until June of 2017. The company name change was voted in by shareholders of the company. David French President and Chief Executive Officer redefined the operations of Obsidian  along with the company name change paved the path for Obsidian Energy to prosper as a solid stronger oil and natural gas provider. Obsidian Energy mid-size company employs an estimate of 250-300 full-time employees.

 

Obsidian Energy petroleum production comes from three main areas in Alberta, Canada.

  1. Pembina Cardium
  2. Peace River Oil Sands
  3. Alberta Viking

Obsidian Energy oil fields are located along the Western Canadian Sedimentary Basin an area which is one of the world’s largest petroleum reserves.

 

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Obsidian Energy

 

NYSE: Price of Common Shares

Obsidian Energy as Penn West Petroleum faced a few Investor common share issues within the company. Obsidian Energy as of March 12th, 2018 has received notice that the company is no longer in compliance with the New York Stock Exchange due to common share amount being less than one dollar. The decrease in common stock shares does not affect the business production of Obsidian Energy.

 

Obsidian Energy intends to satisfy the compliance issue within 10 business days of receipt of the notice, therefore, increasing the price deficiency and returning to required compliance with the New York Stock Exchange.

 

 

Obsidian Energy Future

David French President and CEO are planning on a successful company production and investment opportunity future for Obsidian Energy thus removing issues that occurred in the past have been a challenge for David, but Mr. French states is a start of a new chapter for Obsidian Energy.

 

 

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Penn West Petroleum decided to restructure their company, reshuffling the management and the executive department to strengthen the leadership within. Penn West Petroleum also changed their name to Obsidian Energy, and David L. French is chosen by the board of directors to lead the newly reformed company. He is the current chief executive officer, who is responsible for monitoring the company’s operations and performance. David L. French is positive that Obsidian Energy’s return will usher a new era in the oil and petroleum industry, and the company will bounce back to become one of the most successful oil and petroleum company in Canada.

 

Before the company decided to undergo restructure and to rebrand, Obsidian Energy is known as a top performer in the oil and petroleum industry. Back when their brand name was still known as Penn West Petroleum, Obsidian continually makes it to the top performing firms on the Toronto Stock Exchange. They are part of the envious top 60 companies, and they are raking in billions of dollars annually from oil and petroleum revenues. However, everything changed in 2014. Iran and Russia oversupplied the world with surplus oil and petroleum, causing the prices of the resource to crash. The low price of oil and petroleum were praised by the majority of the population, not knowing what the consequences of such events would be. Penn West Petroleum had to remove thousands of their employees to cut their ballooning debt, and they also have to think about a new business plan that would keep them going.

 

According to David L. French, the decision to restructure the company was a recommendation of the senior officers who would like to counter the decreasing oil and petroleum prices. They stated that if they will not be able to cope with the changes, the company would eventually go bankrupt. After the restructuring and the rebranding of Penn West Petroleum to Obsidian Energy, David L. French focused on the remaining oil wells that the company built. They are now extracting the remaining resources from the oil well, and they provide Canada with 30,000 barrels of high-quality crude daily, suitable for export. Obsidian Energy is hoping that the remaining oil and petroleum that they can extract from their wells will be sufficient to gain more profit.

 

Get Additional Information Here.

On June 26, 2017, the Penn West oil and gas company voted to change the name of the company to Obsidian Energy, so as to reflect the overall restructuring of the company that has taken place in the last few years. The company is trying to rebrand itself and go forward in a new direction, so the name change isn’t surprising. They have gone through a significant amount of upheaval due to a large drop in the price of crude oil back in 2014. However, they have, in their own words, “reemerged stronger, leaner, and more capable than ever”.

 

Obsidian Energy is based in Alberta, Canada, and controls three main sources of oil and gas; the Pembina Cardium, the Peace River Oil Sands, and the Alberta Viking. All of these are located in the Western Canadian Sedimentary Basin, an area which is extremely rich in oil and natural gas reserves. It is said to supply a large portion of the North American market, though production in this area has changed drastically. In the past, traditional crude oil exploration was the norm here, but the companies in the area are now shifting their business strategy to focus more on natural gas and oil sands. As most of the reserves of oil and gas are to be found in Alberta, it is no wonder that Obsidian Energy has based itself there.Get Additional Information Here.

 

The new business strategy is based on quality over quantity. While they have downsized their crude oil production (from about 135,000 barrels per day to around 28,000), they have also reduced the number of their employees from about 1400 down to about 300. At the same time, they have shifted their focus to just four main areas of production, instead of the 30+ areas they were managing in the past. The overall picture is that of a company trying to reduce its overhead costs while maintaining a high level of quality and production, all the while focusing on quality rather than quantity.

 

Company President and CIO David French stated in a press release that 2017 would be a “new beginning” for the Obsidian Energy.

 

Read More: https://en.wikipedia.org/wiki/Obsidian_Energy