Penn West Rebrands To Obsidian Energy Ltd

In their 2017 Notice of Annual Special Meeting and Management Proxy Circular, Penn West Petroleum set resolutions that would see the company re-brand. Among their restructuring plans was a proposal to change the name to Obsidian. After the 2017 Annual and Special Meeting of Shareholders held in June, Penn West announced that they had re-branded to Obsidian Energy Ltd. following the shareholder’s approval. The report notified shareholders that the company’s stock symbol on Toronto Stock Exchange and New York Stock Exchange would change to “OBE” after three to five working days. The shareholders were not required to take any action.

The president and CEO of Obsidian Energy, David French, remarked that the change of name would be the final step to their resolution to transform the company. He explained that Obsidian Energy would take a new path, which will see them build and protect enterprise value through effective commercial and technical decision making. The new path will demonstrate their deep commitment to progress and innovation while promoting accountability and transparency with their shareholders, partners and communities in which they operate. According to French, these strategies would lead the company to a high standard of performance. Besides the approval of change of brand, an auditor was appointed. In addition, the management nominated directors of the company and approved the reduction of share capital and amendment to restricted share unit plan. See More Info Here.

 

About Obsidian Energy Ltd

Obsidian Energy Ltd. is a Canadian-based oil and natural gas production company. It is headquartered in Alberta. For a long period, the company was among the S&P/TSX 60, the top companies on the Toronto Stock Exchange. Between 2005 and 2011, the corporation operated as a CANROY- Canadian Royalty Trust company. Obsidian took this direction following a government’s order that saw them convert to a conventional corporation. In 2008, Obsidian Energy recorded a peak market recapitalization of close to $9.5 billion. Located along one of the world’s largest petroleum reserves, Western Canadian Sedimentary Basin, Obsidian Energy’s production is expected to hit 31,000 bbl per day in 2017. The corporation operates in Peace River Oil Sands, Alberta Viking and Pembina Cardium.

 

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The Makeovers And Success Story Of Obsidian Energy

On hearing about the Obsidian Energy, our psychology is often likely to shift into the Penn West Exploration Ltd. The availability of such a confusion should be dealt with accordingly through having a fundamental that they refer to the same thing. However, it was initially Penn West, but as a result of the various transformations, the present name is Obsidian Energy. The organization was renamed in June 2017. At the time, there existed certain restructuring within the firm. The executions were under the supervision of David French who is the firm’s chief executive officer in combination with the involved stakeholders.

 

Over time, the firm has passed through several levels starting from the time that the reformation which included renaming into the latest name took place. Obsidian Energy induced a remarkable transformation characterized by separate missions as well as visions meant for attainment. This demanded a lot of combined efforts between the stakeholders and the employees as a measure to enhance the company’s growth. It is worth noting that the firm attainments from that time onwards has always been for the better. Obsidian’s determination has made it continually stronger in the advancement of positive expectations.

 

Additionally, worth appreciation is the leadership that the firm has. This is evident through the availability of a president that has high expectation concerning the company targets and goals. His consistency in serving at the company is behind his understanding that the company will soon expand to offer its services both regionally and across the globe. In the course of the restructuring procedure, three key aspects were outlined to enhance the administration and governance of the firm. They include the enhancement of accountability, the particular efforts as well as the effortful pursuit of both creativity and development. Visit This Page for additional information on Obsidian Energy.

 

It is through the assurance of David to the investors that there exists no fear regarding investing in the firm’s development. The reason is that already undergone growth to gain reliability in the firm’s production. The implication is therefore that no one is deterred from looking into them. Obsidian Energy previously acquired experience and resilience from their encounter of challenges over time in the course of their operation.

 

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