Obsidian Energy is a company based in the city of Calgary, in the province of Alberta, Canada. The primary product of the company is natural gas and oil, and they are operating in the western part of the country. The company went through a rebranding process, and it was known before as the Penn West Petroleum. The restructuring and rebranding phase was conducted by the company’s executives and board of directors because they have seen that it might be the only hope that they have left in saving the dying company from complete bankruptcy.
The name Obsidian Energy was introduced to the public on June 26, 2017, and the return of the once largest and leading oil producer begins. Obsidian Energy was once known belonging to the top performing Canadian companies. They are also consistently included in the top 60 companies which can be traded on the Toronto Stock Exchange. The demise of the old Obsidian Energy was because the value of oil and petroleum crashed, and it resulted in a lot of consequences like being kicked out of the Canadian Royalty Trust and being devalued massively. During its peak, the company can make more than $9.5 billion profit per year.
Obsidian Energy was significantly affected by the surplus of oil which led to the crashing of its price. The original employees working for Obsidian Energy amounted to more than 2,500. Today, only 300 of them remained, and the number of dismissed employees is alarming because it has never happened in the history of Canada. David L. French, the present CEO of the company, assured the public that Obsidian Energy would survive any challenges that it is currently facing and that the value of the company will rise in the coming months or even years. Get Additional Information Here.
Now under the supervision of David L. French, Obsidian is doing everything that they can to ensure that the company would get back on track. Obsidian Energy is currently producing more than 31,000 barrels of oil per day, thanks to the cooperation that is taking place between the different departments under Obsidian Energy. They have also claimed that they can lead the country into an oil revolution if ever shortage would ensue.