The approval by its shareholders to change its name from Penn West Petroleum Limited led to the organization significantly achieving much regarding growth and development. The firm is mid-sized and situated in Canada. The oil and natural gas company was established in the year 1979 and have its headquarters based in Calgary, Alberta. The significant restructuring of Obsidian Energy, begun with the change in name, and later on, the transformation of the entire company. Guided by the formulation of the core principles that safeguard the growth and development of the firm, much success as then escalated. The organization’s chief executive officer is Mr. David French.
The presence of a dedicated and technical team as promoted the endeavor of the management in propelling the firm towards greater heights. The administration has continuously ensured the protection of the enterprise value in the attempt of fostering credible accounting and transparency. With this, the staff becomes focused in the urge to progress. Positioned with the required assets, Obsidian continues to a level of specialization of the extraction and distribution of natural gas and crude oil has been achieved. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.The expertise of its employees helps them in reducing the cost of production and hence maximizing profits. Their strategy assists them in maintaining a set of standard procedures in bettering the general achievements of the organization.
Due to the change that was initiated in the company some successive qualities have been manifesting itself in the various activities of the firm. The appointment of the auditor general creates a sense of accountability and the presentation of a free and fair view. The board of directors possess very high levels of expertise in handling any complicated mechanical and managerial situation. The organization continues to mainly increase its production due to their level of advanced technology in petroleum extraction. This increase in output as emanated from the presence of the Sedimentary Basin the home of one of the world’s largest petroleum reserves. It continues to significant capital investments that promote their level of income to the revenue they pay out. The competitive advantage is that Obsidian Energy increases its returns day in day out.