Obsidian Energy 1 year Anniversary Approaches
In June of this year, Obsidian Energy, formerly Penn West, will celebrate its first year.
President and Chief Executive Officer, David French lavished praise and appreciation on his team for their accomplishments in the third quarter of 2017. During their regular earnings conference call, he announced that Obsidian had set and met all goals for an intense drilling campaign, more ambitious than any in recent years. Their results have provided encouragement and a promising outlook for 2018. Obsidian operates oil and natural gas production primarily in three regions of Canada.
The Peace River Operated Partnership, in western Alberta, is a cooperative effort which includes foreign investment corporations. Here, the tried-and-true method of cold-flow extraction produces steady, predictable yield. Peace River contains enough resources to provide sound opportunities for years to come.
The Alberta Viking facility, located in the Southeast, produces a combination of light-oil and natural gas. Obsidian is able to take advantage of their infrastructure ownership position in this region. Shorter production cycles and high net-back wells here balance other, longer cycle endeavors in their main area of operations, Cardium. Refer to This Article to learn more.
Producing light-oil primarily, the Cardium operations are a significant underpinning for Obsidian. Centrally located, it is their largest area covering more than 28,000 acres and represents the bread and butter of the company. Extraction rates are stable, and the wells are profitable. Water-flooding ensures predictable flow and avoids declines in production.
Obsidian takes very seriously its relationship with the earth and the environment. Their Community Matters Program brings employees and contractors together with area residents and members of the community. They practice open lines of communication to inform, educate and address matters concerning the impacts associated with oil and gas operations. They are committed to minimizing their impact locally. Environmental programs provide workers and management the policies and procedures necessary to meet or exceed regulatory guidelines, protect and preserve resources, as well as conduct site reclamation after production has ended. Their website offers a toll-free telephone number and email address for all non-emergency questions.
Since June 2017, Obsidian Energy has proven itself to be a company with staying power and value. Led by experienced management and capable directors, they have shed dead weight, overcome challenges and setbacks, emerging steady, solid, and delivering value to their shareholders.