Obsidian Energy is the current name of the company which used to be known as Penn West Energy Trust and later Penn West Petroleum Limited. It is a company which produces oil and natural gas and it is based in Alberta, Canada. Over the past years, the company was flourishing and hitting major market capitalization of nearly 9.5$ Billion.
However, the institution has its area of production which are the Pembina Cardium, Peace River oil sands and Alberta Viking. Penn West Petroleum changed its name to Obsidian Energy on 26 June this year due to certain irregularities over the past three years.
During the end of 2013, the net assets of Penn West Petroleum were at $3 Billion and as per this year, the net assets had dropped tremendously to $380 million. When it comes to production, the same case applied as it used to produce 135000 barrels per day and this year, it produces 28000 barrels per day.
The employees three years ago were 1415 but due to the company deteriorating it consists of 407 employees at the current year. Penn West Petroleum Limited changed its name due to the inconveniences on accounting and debt crisis in the firm. There is also another issue that caused the downfall of the firm which was the price of the products in the market which dropped.
Shareholders of Obsidian are urged to cope with the changes since it has new resolutions and amendments to make in the industry. Obsidian symbol was denoted in the stock exchange markets as “OBE”. This was because it was earlier denoted according to the Penn West Petroleum Limited. Obsidian Energy came up with certain principles in which it will enable the company to grow and never back to its earlier position of the breakdown. See This Page to learn more about the company.
They include a disciplined technical and commercial decision making, persistent progress and innovation and lastly accountable and transparent energies with their shareholders. It is committed to resolve the accountability with its shareholders, partners and societies so as to expand economically. Obsidian Energy is working to progress and build its name with a great reputation in future.