Obsidian Energy Limited is a company that was previously known as the Penn West Exploration Ltd. It is a mid-sized company that deals with the extraction of Canadian natural resources such as oil and natural gas. The Calgary, Alberta based firm is currently being headed by Dave French, who is the acting CEO.
Despite its situation as a mid-sized company, Obsidian has featured in the previous list as among the top 60 largest energy companies on the Toronto Stock Exchange. Between 2005 and 2011, the company was a Canadian royalty trust. It is during this period that it reached the peak market for capitalization at the beginning of 2008. In this ranking, it was attributed to being worth an approximation of US $9.5 billion.
One of the chief factors that have led to the success and the top ranking of Obsidian Energy is their ability to stand out in 2014 when oil prices had significantly dropped. During this period, many energy companies flopped down while others experienced both financial and operational constraints.
More to this most of the companies that were not well established failed significantly while others collapsed completely. During this same period, some companies were leased out to compensate for the losses they had undergone during this period. To Obsidian, despite being slightly affected by the challenge, they were able to withstand the storm.
Another key factor that has been contributing to the remarkable success of Obsidian is the geographical position where the firm is situated. As mentioned earlier, Obsidian is located in Alberta just along the Western Canadian Sedimentary.
This specific location is known as the world largest reserve more so with petroleum products. With its situation at this location, the company has never run out of resources. More to this, they also never need to spend much to get the resources more so on the transportation of the products.
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The main source of its resources includes Alberta Vikings and the places surrounding, therefore, increasing the amount they save. More to this, the company has always been on a remarkable progress in the previous years it has been in existence with its current production per day being estimated at 31,000 bbl.
View Source: https://en.wikipedia.org/wiki/Obsidian_Energy