Obsidian Energy is a mid-sized oil and gas producer. It has a series of high quality assets and have crafted the organization around them. The company in a real bottom line results type of company which has allowed it to bring in nearly thirty thousand boe of oil per day. The company has the entrepreneurial spirit and passion to bring such results. Obsidian Energy has created an atmosphere of accountability to its shareholder, which should make every shareholder happy to hear. The discipline that the company instills will undoubtedly pay off dividends in the future. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
Recently Obsidian Energy has undergone a few changes along the way. Most recently David French who took over not long ago as CEO has made his footprint in the company. Starting with the paying down of company debt. David French has reduced the company’s debt from almost three billion dollars to just under three hundred and ninety million dollars. That is a very promising achievement for anyone. He also stabilized and restructured employment at the company to around three to four hundred people. In addition, he set out to change the companies name. He said that the company no longer resembles the old Penn West Petroleum company. He was able to get around ninety two percent of shareholder support for the name change. He names the company Obsidian Energy after the volcanic glass that can be sharpened and honed to perfection. The changes that have been make have affected every aspect of the company and how it will grow.
David French the new CEO of Obsidian Energy is no stranger to the oil and gas industry. He was formally the CEO of Banker Petroleum and worked in management and consultant positions for companies like Apache Corporation and McKinsey and Company. His education includes a Bachelor’s Degree and a MBA. Obsidian Energy also boast a well-qualified and knowledgeable Board Of Directors. George H. Brookman, John Brydson, Raymond D. Crossley, David L. French, William A. Friley, Maureen Cormier Jackson, Gordon M. Ritchie, and Jay W. Thornton all bring with them a high degree of competency and support to help the company grow.
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