Obsidian Energy Ltd, a middle-sized Canadian oil and natural gas manufacturing firm is located in Calgary, Alberta. It was among the sixty leading companies in Toronto Stock Exchange. Between 2005 to 2011, the Canadian Royal Trust attained top market capitalization of about US $9.5 billion. The economic instabilities caused by the drop in crude oil prices in 2014, affected Obsidian Energy Ltd causing restructuring. With its fields based in in Alberta the global most significant petroleum reserves, Obsidian Energy production happens in the Peace River Oil Sands, Alberta Viking and Pembina Cardium.
The company was previously known as Penn West Petroleum Ltd and reformed to Obsidian Energy Ltd on 26th June 2017. Before its transformation, the firm experienced significant modifications which necessitated redefining of company missions and visions. The changes resulted in a stronger and more focused Obsidian Energy Ltd. Company logo will too be amended to match the new company name. These alterations must also happen on the New York Stock Exchange and Toronto Stock Exchange The process should be accomplished within the next three to five business days.
The governance and management of Obsidian Energy Ltd, are happy to have successfully accomplished the transformation process successfully. Obsidian focuses to commence fresh operations based on three principles. Their aim is on technical and commercial discipline in decision making to develop and safeguard company values. They also focus on the persistent pursuit of development and invention and accountable and reasonable efforts with shareholders and stakeholders.
Obsidian Energy Ltd has a competitive edge in the market. It is strategically positioned, equipped with sufficient assets, has enough cash flow and a perfect exit strategy. The firm president and CEO David French confirmed that Obsidian Energy Ltd is dictating its market performance. The Penn West Successor is now embracing expansion trajectory and gaining back its competitive advantage. Click Here for more information.
Projected Financial performance
According to operation reports obtained in 2017 November, Obsidian Energy Ltd is projected to produce 31,000 to 32,000 barrels by 2018. The financial forecast shows an expenditure of $ 14 per barrel and $ 2.50 for G&A by 2018. Expected netbacks by the end of 2018 should not less than $18.70.