THE FUTURE OF OIL AND GAS PRODUCTION AT OBSIDIAN ENERGY

Obsidian Energy is a medium sized gas and oil producer located in Calgary, Alberta, Canada. It was formerly known as Penn West Petroleum Limited but changed its name to Obsidian Energy on26 June 2017. It has a well-balanced portfolio of great quality asset producing a capacity of 30,000 barrel per day. This company is has its foundation based on endless passion for their work, discipline and unwavering accountability to their partners, shareholders and the societies in which they operate around.

 

Obsidian oil and gas fields

Obsidian oil and gas fields are located in Alberta along Sedimentary Western Canadian Basin. This region is among the largest petroleum reserves in the world. Production sources are on three key areas around Alberta namely, the Peace River Oils Sands, The Pembina Cardium and the Alberta Vikings. Cardium forms the foundation of their portfolio is built on with high-netback light oil production and low decline. The use of water floods has been successful at increasing production and recovery rates at the Cardium.

 

Alberta Viking area, that Obsidian Energy has a leading position and ownership of infrastructure over the whole Esther area. It offers a mix of gas and light-oil with high-netback shorter cycle complementing the longer activities cycle at the Cardium. The Peace River is a company jointly operated by Obsidian Energy and China Investment Corporation holding a majority position amenable to conventional cold flow production in a crude oil resource.

 

Name change to Obsidian Energy

On 26 June2017, Penn West shareholders approved its name change to Obsidian Energy effective immediately and the stock symbol changed to “OBE” on both New York Stock Exchange and the Toronto Stock Exchange. The shareholders voted to 92 percent in favor of the name change.

 

According to the CEO of the company, Dave French the company chose the name obsidian as it is a naturally occurring volcanic glass that can be honed and sharpened. Obsidian focuses on pursuing modest growth for the next three years with the spending budget determined by the prices of oil and gas. Its current employee count is 300 with a production of 30,000 barrels of oil equivalent.

 

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The Obsidian Energy

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.