Obsidian Energy, which was formerly known as Penn West Petroleum Ltd., is a well-known oil and natural gas producing company with a long history. The company is headquartered in Calgary, Alberta where its oil fields are also located. The company’s total gas and oil production is estimated to be about 30,000 boe per day. Recently, the company received notification from the New York Stock Exchange that it has regained compliance with its continued listing standard with regard to the price of its common stock. This is in response to an earlier notification about its price deficiency.
The NYSE usually sets the average closing price of a listed company’s common stock at no less than $1.00 per share over a 30-day trading period, and close at above $1.00 on the last trading day per share. This new state of affairs is indicative of a company that is regaining its robustness. The notification indicated that the company had cured its price condition and had fully regained compliance. Obsidian shares are also listed on the Toronto Stock Exchange under the symbol “OBE”.
The company has been transforming itself in the recent past by rebranding itself to Obsidian Energy. Obsidian management team has the intention of guiding the company based on three key principles. One of the principles that the Obsidian has adapted is the maintenance of a disciplined commercial and technical decision-making process aimed at building and protecting the company’s value. It also strives to relentlessly pursue innovation and progress, as well as being accountable and transparent with its shareholders, partners and the communities in which it operates.
This will set Obsidian Energy on the path of growth and development owing to the fact that it has stable assets, a healthy balance sheet, and the right hedging strategy. All these factors will help the company to set its own standards for performance. Besides changing its name, Obsidian Energy, its shareholders approved of all the resolutions that were set out in the Annual and Special General Meeting of 2017. With this new development, Obsidian Energy is well on course to increase its market viability and profitability.
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