Obsidian Energy was introduced to the public in June 2017. The Calgary-based oil and petroleum company is the result of the restructuring and rebranding of the Penn West Petroleum, which has experienced a massive loss and bankruptcy due to the oil and petroleum price crash. Under a new management, Obsidian Energy is hoping that they will be able to exceed what Penn West Petroleum has accomplished in the past. Today, Obsidian Energy is slowly becoming a middle-sized oil and petroleum supplier.
After the dissolution of Penn West Petroleum, many oil and petroleum fields owned by the company in the Western Canadian Regions were left untapped. The new management of Obsidian Energy decided to make new explorations to find resources in the area.
Obsidian Energy held some caravans across the region to explore the remaining wells, and to their surprise, oil and petroleum still exists. Extraction came days after the discovery, and the company was able to make 31,000 barrels of oil per day. These products are now being sold in the international market, and Obsidian Energy is slowly making a profit. The management at the OSI Industries is hoping that they will be able to discover new oil and petroleum wells so that they could earn more profit. The company sees a brighter future ahead, now that they have tapped the resources of the western region. Obsidian Energy would have to go a long way before they can surpass what Penn West Petroleum has achieved in the past, but Obsidian is optimistic that they will be able to do it in a few years.
In the past, long before the oil and petroleum price crash, Penn West Petroleum is consistently recognized as one of the top 60 Canadian companies. They also provide jobs to a lot of people, especially those who are living near Calgary, Alberta. However, the excessive production of oil and petroleum products by Iran and Russia in 2014 resulted to the price crash. The oil and petroleum industry is yet to recover from the disastrous price crash, and Obsidian Energy believes that they will be able to get back on track. Refer to This Article for more information.