Obsidian Energy On Right Track Again

Following the survival of several devastating setbacks that included an internal accounting scandal, crisis surrounding company debt, and a crash in the price of commodities Penn West Commodities, LTD. sought to change their image and name when becoming known to the world as Obsidian Energy LTD.

David French, the man entrusted to be the company Chief Executive Officer as it undergoes the needed transformation, explains that the Calgary based oil company only executed the name change after receiving approval from shareholders of the company. French feels that this was an important gesture in order to make it known that the company would no longer be operating as if there is no shareholder or public accountability.

The problems for Penn West began in 2014 when the company went public with the information that an accounting error had resulted in the misclassification of hundreds of millions of dollars’ worth of expenses. The mistake made it necessary for Penn West to provide new financial reports for a three-year period beginning 2012. Go To This Page for additional information.

A class action lawsuit was also settled with shareholders

 

Now Obsidian Energy has made a number of shrewd moves to restore the health of the company. Sales of assets made it possible for the company to lower their debt from a high of $3 billion to $384 million.

The company has also adopted a sleeker method of operations as the number of employees working from the company is down to 300 from a high of 1,400. The company also reports that it will now focus on four vital production areas where it once conducted business in 30 areas. The company has also reduced its production of oil by nearly 80% and now produces 28,000 barrels per day.

French says the name Obsidian was chosen to reflect the company’s ability to be sharpened and honed in a way similar to the volcanic glass that is now its namesake.

The company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).

 

Visit: https://en.wikipedia.org/wiki/Obsidian_Energy

 

Why You Should Choose Obsidian Energy

There is a reason so many Canadian customers are choosing Obsidian Energy. For your convenience, Obsidian Energy is there to help with all of your many fueling needs. They are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves, they work with customers all over the country. This is why they have been so trusted for well over a decade, since they provide a superior quality experience without charging you a lot of money in the process. In fact, you’re going to find that with Obsidian Energy, you’re getting a better product at a lesser price. This is ideal for homeowners on a budget or business owners who need to order a lot of fuel and want to keep costs low.

 

There are a few different products produced by Obsidian Energy. Obsidian Energy specializes in the production of both oil and gas. Because of this, you can place your order and have it delivered to your home or office in no time. There are so many different benefits to choosing Obsidian Energy, and it is why thousands of people have already made use of this company and are happy with the way that they are able to conduct their business. There are tons of different reasons for you to choose Obsidian Energy, but the price and quality are at the forefront of what this company is offering to you.

 

Now that you know about Obsidian Energy and the products they offer, you can contact them for more information and to get set up for delivery at your own convenience. This not only saves you a lot of time and effort because you are going to be choosing this for yourself, but you will also feel good knowing you’re choosing a company with such a good reputation. This is the main reason so many people have chosen this company with such great success and why it is so important that you consider them for yourself as well. Obsidian Energy is there to take the guesswork out of all of your fueling needs, so be sure to contact them to get set up for an upcoming delivery. See This Page for additional information.

 

The company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).

See Also: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy