Obsidian Energy Limited was in the past using Penn West Exploration Limited, Penn West Energy, and Penn West Petroleum as it brand – name. Obsidian Energy Limited is a middle-categorized company in Canada that deals in Natural gas and oil with David L. French as its Chief Executive Officer and President.
Obsidian Energy Limited has its gas and oil wells in Alberta near Western Canadian Sedimentary Basin that is known to be the most substantial petroleum investments in the globe. When David French took over as the Chief Executive Officer, he noted that stockholders would be requested to approve some changes since the firm was no longer resembling the past Penn West. He also assured the company’s staff and clients that his appointment would bring considerable changes to the company and termed that day as a mark for a new chapter.
At the time of the company’s name change from Penn West to Obsidian Energy Limited, stakeholders cast a ninety-two percent vote favoring the decision. The Chief Executive Officer Mr. Dave French commented that the firm decided to change its name to obsidian since the name Obsidian is a volcanic glass that occurs naturally and can be structured into a sharp or hone-like object. Mr. French also noted that the entire company fraternity was excited to announce and publicize the company’s name change as part of its transformation steps. He said that the organization would from that day emulate and lean on three cornerstones. CEO, Mr. David French announced that Obsidian Energy would be keen to observe persistent quest of advancement and improvement, open and accountable efforts with its associates and society and disciplined technical and financial choices to create and guide the business value.
David came out clear that Obsidian Energy Limited was in a good position regarding strategy, healthy balance sheet and assets that would help the company in aiming at better standards for performance even when prices are lower. Go Here for additional information.
Apart from the decision to change the company’s brand name, the shareholders decided to approve all the decisions that were contained in the Notice of 2017 yearly and Special Meeting and Management Proxy Circular for the date of April 30th, 2017.