Obsidian Energy, in 2017 producing approximately 31,000 barrels of oil (BOE) per day, is an Alberta Canada Oil Company which is considered a mid-size petroleum company. Obsidian Energy produces a fraction of Canada’s 3.2 million barrels per day.
Alberta occupies an area of 250,000 sq. miles and is located in the western province of Canada. According to the 2016 census, Alberta has an approximate population of 4,067,175, being the fourth largest of Canada’s provinces.
In June of 2017, the Penn West Petroleum downsized and sold off part of its assets, having already cut the number of its employees by more than fifty percent. Penn West’s shareholders changed its name to Obsidian Energy to become profitable by reducing its costs to reflect the ongoing prices of oil and gas because in 2014 the Canadian price of crude oil dramatically fell.
As a result, the oil production of 135,000 BOE was reduced to 31,000 BOE per day. These changes were necessary, smart and gave Penn West’s shareholder’s time to reorganize and resurge as Obsidian Energy.
Obsidian’s oil and gas fields are adjacent to the Western Canadian Sedimentary Basin. This basis is the source of the globe’ s significant petroleum reserves, which are located in Alberta’s Peace River oil sands, the Alberta Viking, and the Pembina Cardium.
Obsidian Energy and China Investment Corporation of a joint venture named the Peace River Operated Partnership. This joint venture enjoys proper positioning and controls of a significant portion of the crude oil resource that is capable of cold-flow production.
David L. French is the President and CEO of Obsidian Energy. He formerly was employed as the President and CEO of Bankers Petroleum Ltd. which is located in Calgary which also operated in Southeastern Europe. Rice University granted French graduated from Harvard Business School and earned an MBA and a mechanical engineering B.A. from Rice University.
French has announced a resurgence in Obsidian’s financial health as viewed by an increase of drilling in the third quarter of 2017 and is confident that this economic improvement will continue into 2018.
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