Out Goes Penn West Petroleum; In Comes Obsidian Energy Ltd

In June 2017, shareholders in Canadian oil giant Penn West Petroleum Ltd approved a proposed name change to Obsidian Energy Ltd. The name change was accompanied by a change of the company’s stock symbol to OBE on the two stock exchanges where it is actively traded in New York Stock Exchange and Toronto Stock Exchange.



The name change was the culmination of wide-ranging changes the oil giant had instigated over the past several years. The management revealed that the company would be governed by three major principles. The first of these principles, said company president and chief executive officer David French, would be a disciplined decision-making process, both on technical and commercial issues, to ensure fidelity to enterprise value. The second would be a relentless, persistent and consistent pursuit of progress and innovation while the last one would be a commitment to accountability and transparency, especially to company shareholders, partners and the communities within which they operate.



Mr. David French exuded confidence that Obsidian Energy Ltd stands to benefit from the changes and the transformation that it has undertaken. He held that the company was well positioned to take advantage of the energy market by virtue of having the right assets, a prudent hedging strategy, and a healthy balance sheet. These three factors will be instrumental in allowing Obsidian Energy Ltd to set their performance standard, even though the markets have become increasingly low price, says David French. Refer to This Article for more information about Obsidian.



Obsidian Energy Ltd is based in Calgary in the Canadian state of Alberta. It is a mid-sized oil company which has made a name for itself in the industry for topnotch performance. For a period, it was recognized as one of the 60 largest companies on the Toronto Stock Exchange. It was a member of the Canadian Royalty Trust, or CANROY for short, in the years six between 2005 and 2011. Obsidian Energy Ltd attained its peak market capitalization in January of 2008 when it recorded 9.5 billion dollars.



Based in one of the largest petroleum reserves in the world, Obsidian Energy Ltd hopes that the name change, and transformation will help it rise to unprecedented levels of success. In a highly dynamic and fast-changing market, the ability for a brand to transform and reinvent itself is one of the most important factors for success, and Obsidian Energy Ltd understands this all too well.


See Also: 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&


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