Previously known as Penn West Petroleum, a mid-sized Canadian oil production manufacture, starts a new chapter in the history of their company by re-naming the firm as Obsidian Energy. The change of the name was in light of recent events such as the substantial financial loss that the company had seen. This change in name was a needed step to transform the business from the old values to stronger and improved work ethics. The company’s decision to change the name to Obsidian Energy was influenced by the vote of 92 percent shareholders who voted in favor of this change.
Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves. Obsidian’s oil production comes from three key areas in Alberta: the Alberta Viking, the Pembina Cardium and the Peace River Oil Sands.
Dedicated to ensuring the best products in the industry and improving the standing of the firm in the oil production industry, Obsidian Energy has resumed operations while implementing some changes and new company values. The new name was an apt one, as the word Obsidian originates from a volcanic glass that occurs in nature which can be perfected and shaped, sharpened as well. The board members and shareholders chose to re-name the establishment due to evolving values that did not resemble those of Penn West Petroleum in many ways.
As part of the new and improved work ethics, Obsidian has chosen to retain only 300 of the existing employees from the previous total of 1,400. The retainment was based on selecting employees that believed in the evolving values of the firm as well as stood by and abide by the new guidelines.
The production of oil barrels by the company has reduced from a total of 135,000 per day to 28,000 as well. The reduction in output was made with one of the aims of concentrating on four particular sectors so that the existing and new clientele of the company within these chosen sectors could benefit the most with exceptional benefits and high-quality services. Previously, the establishment was focusing on 30 sectors, however with the name change, Obsidian Energy hopes to transform the company starting from the basic levels right until the day when the firm shines once again with the help of its existing and new clientele and dedicated staff members.
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