Obsidian Energy is a power producing firm that creates finished quality oil and gas to users. It has a well-coordinated range of investment in the industry. In a typical day, it provides almost 30,000 barrels in a day. With all these assets, they combine and make the most out of it for profits.
The personnel working there are passionate about what they do having the discipline required for the extraction of quality energy that is needed by the population while protecting the environment. The management is also steering the company to the direction that is necessary for accountability with the stakeholders and in the surrounding community.
The Obsidian Energy was formerly known as Penn West Petroleum Limited, but the name was changed after approval by the leadership. The organization had undergone some modifications that required rebranding. The company is situated in Alberta in the Western Canadian Sedimentary Basin that has the most extensive stock of petroleum. Obsidian Energy produces the valuable produce in mines located at Pembina Cardium, Peace River Oil sands, and Alberta Viking.
In the year 2008, the company paid high dividends at an annual rate of 15% to 16% which were taken back to the company as investments. The shareholders of the company are people who understand whenever the company is facing problems, and that is why they voted in favor of the changing the name of the organization by 92%. In the next three years, Obsidian envisions a growth having a fixed price in the price of oil and gas.
According to Dave French, the name Obsidian Energy was chosen because of its meaning, naturally occurring volcanic rocks that can be modified; and so can the company. The assets sales have managed to keep the business running, and it is hopeful that more gains will be attained in the next financial year.
Dave French is also looking forward to getting more investors on board to take the firm to a new level and increase the marketing of the finished product. As a result, there will be more profits and steer the company forward would not be a hard task for the management.
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