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Oil and gas company: Obsidian Energy Ltd. (OBE) (1979)

Obsidian Energy Ltd. (NYSE: OBE) was founded in 1979, formerly known as Penn West Petroleum Ltd. (formerly NYSE: PWE), and was changed to its current name on June 26, 2017. The name is Penn West Energy Trust, which was changed to Penn West Petroleum in January 2011. Headquartered in Calgary, Canada, with 1,120 full-time employees, it is an oil and gas extractor.

Penn West Petroleum Ltd PWE Logo

Obsidian Energy Ltd. (OBE):

Obsidian Energy Ltd. (formerly known as Penn West Exploration Ltd., Penn West Petroleum and Penn West Energy Trust) is a medium-sized Canadian oil and gas production company located in Calgary, Alberta, Canada.

For a while, it was one of the S&P/TSX 60 companies on the Toronto Stock Exchange. From 2005 to 2011, it was a Canadian royalties trust (CANROY), which reached a peak market value of approximately US$9.5 billion in January 2008.

When crude oil prices fell sharply in 2014, the company encountered operational and financial difficulties. As a result, the company underwent a major reorganization and sold most of its assets in the next two years to reduce debt.

Obsidian oil and gas fields are located in Alberta, a sedimentary basin in Western Canada, which is one of the largest oil reserves in the world. Production comes from three key areas in Alberta: Pembina Cardium, Peace River oil sands and Alberta Viking. The total output in 2017 averaged approximately 31,000 barrels per day.

Obsidian Energy Ltd. (OBE) history:

  • In 1995, Penn West, an independent exploration and production company called Penn West Petroleum Ltd, was the operator and licensee of an oil well in the Saddle Hills oil field in Alberta, where they owned the entire DSU rights.
  • In May 2005, Penn West operated as a Canadian royalties trust (CANROY) under the new company name “Penn West Energy Trust”. CANROY produces about 11% of oil and 23% of natural gas in Canada, with a total market value of 34 billion Canadian dollars, or about 27 billion US dollars. In terms of after-tax profits from 2003 to 2007, Penn West is already one of the top ten oil and gas companies in Canada. Penn West Petroleum (PWT) was a Canadian Royalties Trust (CANROY) from 2005 to 2011 and therefore does not pay federal income tax.
  • In June 2006, Penn West Energy Trust acquired the listed company Petrofund Energy Trust.
  • In 2007, Penn West Energy Trust acquired the smaller rival Canetic Resources Trust for US$3.6 billion. According to a 2007 CBC News report, Penn West became the largest oil and gas energy trust fund in North America after acquiring Canetic.
  • In January 2008, Vault Energy Trust was acquired.
  • In July 2008, Endev Energy Inc. was acquired.
  • In January 2011, Penn West Energy Trust transformed from a CANROY company to a traditional company, a newly established company called Penn West Petroleum Ltd..
  • From 2012 to June 2014, Penn West Petroleum cut its workforce by nearly 50%.
  • In 2013, the CBR company’s listing report stated that as of 2012, Penn West Petroleum Ltd. was operating as Penn West Exploration and was “engaged in the business of acquiring, developing, developing, and holding oil and gas assets and equity interests.”
  • In 2012, the financial statements for 2013 and 2014 were audited by KPMG , and Ernst & Young (Ernst & Young) audited the 2015 financial statements instead.
  • In May 2015, CBC News reported that at the May 2015 Annual Shareholders’ Meeting, Penn West’s Chairman Richard George (Richard George) assured shareholders despite the 80% drop in stock value in 2014/2015 The feasibility of the company.
  • On June 13, 2016, Panxi Petroleum Co., Ltd. announced the sale of the assets of Dodsland Viking, and the stock price soared +36.97%.
  • On June 26, 2017, the company officially changed its name from Penn West Petroleum Ltd. to Obsidian Energy Ltd..
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