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.

 

View Source: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-shareholders-approve-name-change-to-obsidian-energy/article35463586/?ref=http://www.theglobeandmail.com&reqid=%257B%257Brequest_id%257D%257D