Obsidian Energy is a mid-sized Canadian oil and gas producer and has been in business since 1979. They’re main oil fields in operation, are located in the Alberta area, with they’re three main production sites being the Pembina Cardium, the Peace River oil sands, and the Alberta Viking. Obsidian’s gas and oil fields are located along one of the world’s largest petroleum reserves, the Western Canadian Sedimentary Basin.
Obsidian Energy was formerly known as Penn West Petroleum, beginning a whole new chapter in their operations. Penn West Petroleum officially changed their name to Obsidian Energy on June 26, 2017, with 92 percent total votes from shareholders being in favor of the name change.
The name, Obsidian Energy, is derived from a naturally occurring volcanic glass called, Obsidian. This material can be sharpened and carved into tools for many practical uses. Historically, Obsidian was carved and used as fine tools for surgical use, or for architectural design found in many Egyptian, and Mayan artifacts. Obsidian was often used as a surgical tool because of its strength, and often tools made of obsidian had a finer, cutting-edge many times sharper than high quality steel. This organic glass being a cutting-edge and innovative material, seemed to be a fitting name as the company considers their direction ahead. In a quote from Chief Executive Officer, David French, he says:
“.. We will guide the Obsidian Energy on three principles: disciplined technical and commercial decision-making to build and protect enterprise value, and relentless pursuit of progress and innovation,”
Obsidian boasts a hearty portfolio of high quality assets that produce roughly 30,000 barrels per day. For the year of 2017, Obsidian actually exceeded the projected production amount, which shows positivity for share prices. Obsidian’s AB Viking program continues to evolve development strategies to enhance economics and maximize efficiency — in which case causing the program to continue to exceed expectations. Read This Article for more information.