Obsidian Oil Company is medium sized oil and Gas Producer Company operating in Alberta, Canada founded in 1979. It was formerly known as Penn west Petroleum Company and branded to Obsidian Oil company on June 26, 2017, after a consultative meeting with investors, partners and shareholders. It is a leading company in exploring and producing natural gas and oil products. It achieved through developing, exploring, acquiring and holding petroleum companies and natural gas. The company values are discipline, passion and relentless for doing excellent work. It is estimated to produce 31000 bbl. Per day. It extracts oil from Western Canada Sedimentary Basin which is one of the largest oil reserves in the world. In Alberta, they have three oil extraction point which includes; Alberta Viking, Pembina Cadmium, and Peace River Oil Sands.
The Obsidian Energy is managed by ten members of the board and dedicated staff. The chief executive Officer is called David L. French, and he oversees a team of 2300 full-time employees. The company board meets annually for general meeting every may discuss progress and new opportunities within the oil and gas industry to tap as they maximize profit and deliver excellent products and delivery services to their customers.
It has been top six companies in Toronto and New York City stock exchange markets. The company went restoring to expand and improve its services. It involved the change of management, disposal of assets and reduction of accumulated debt. The success was a significant milestone for the oil and gas company. Refer to This Site.
Obsidian paid 15-16% dividend to its shareholders in 2008.This value has been increasing with 2% each other hence converting more customers to company shareholders. The company dividends are not taxed since they are trustee’s assets are regarded as depletable resources.
Despite the decreasing and fluctuating oil prices across the globe Obsidian Energy is steadfast to continue exploring oil and ensuring they meet customer needs. They have put measure and strategies in place to ensure they also meet their sales targets and expected annual profit. The approach is executed through shared values of teamwork, innovation, and cooperation between staff and partners.