Obsidian Energy Booming

Business, Electricity, Gas, Oil, Power, Technology
The oil and gas industry is booming in Canada. Numerous people are excited about the growth of the sector. With new technology, it is easier than ever to drill for oil and natural gas.   Canada owns one of the largest oil reserves in the world, one of them is the Western Sedimentary Basin. Over the past decade, the amount of oil produced in Canada has doubled. Oil drilling companies have experienced high rates of growth during this time.   The oil drilling industry is challenging to succeed in due to various capital requirements. In many cases, oil companies are highly leveraged to pay for all of the equipment needed. Obsidian is one of the leading companies in the industry.     Starting Out   The founders of Obsidian Energy wanted to cre...

Obsidian Energy: Forging Forward In Pursuit Of Excellence

Business, Canada, Energy, Gas, Green Energy, Oil, Power
On 26th June 2017, Penn West Petroleum Limited changed its name to Obsidian Energy. The name change was approved by 92% of the voting group. The stakeholders of the company had been waiting to exhale for a long time after Penn West Petroleum Limited had undergone some torrential times. Rebranding was certainly a brilliant idea, hence the reason for a high number opting for it.   Overcoming Hard Past     Significant changes led to the redefinition of what was once one of the sixty largest companies on the Toronto Stock Exchange. Penn West reached peak capitalization of US $9.5 Billion in 2008. The company underwent financial difficulties in 2014 when crude oil prices fell. Obsidian Energy has re-emerged stronger, leaner and more capable to weather storms. As Ob...

Obsidian Energy, The Leading Energy Supplier In Western Canada

Business, Canada, Energy, Gas, Green Energy, Oil, Power
Obsidian Energy was previously the Penn West Exploration, but it changed its name after surviving financial and accounting saga. It is a medium-sized energy producer located in Calgary, Alberta. Primarily, Obsidian Energy is an Oil and Natural Gas Producer. Before facing a financial crisis, Obsidian was one of the best energy producers in the Western Canada. Its market reached to hit the summit back in 2008 by garnering a total of US $9.5 Billion.   It gained the Canadian Royalty Trust between 2005 and 2011. However, things shifted toward the worst when the company experienced economic instability that rendered it just a medium-sized energy company.   The Financial Difficulties   In 2014, Obsidian Energy underwent heated financial difficulties following the...