Penn West after so much of consultation with the shareholders settled on a decision of rebranding itself and even changing its name into Obsidian Energy Ltd. This change is not to affect the shareholders whatsoever. The company management expressed its joy for having gone through the transformation process. In his remarks, the company chief executive officer Mr. David French informed the general public of their new strategies. He outlined the three principles that they will use in guiding the company.
These are a persistent quest for advance and development, trained specialized and business decision-making to assemble and ensure enterprise value, and responsible and straightforward endeavors with their investors, their accomplices, and their operation area communities. Obsidian Energy is well situated with the right resources, a substantial monetary record and a proper supporting procedure that will enable the Company to set a standard for execution even in bring down price conditions.
The shareholders also made some other resolutions besides the name change and availed them in a circular. Some of these included the appointment of the company auditor, the election of Obsidian Energy board of directors, approach to executive compensation and an amendment to the restricted share unit plan. Much of the decisions were made through ballot voting. Additionally, the approval of the reduction of share capital for accounting purposes was done. All these were in an attempt to have the company advance to its desired heights of success. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
The organization has made some fantastic progress in the endeavor to come to fruition in the competitive business world. It is a middle-value company and an oil producer with an all-around adjusted arrangement of fantastic resources creating approximately thirty thousand be every day.
These resources and the association they have made around them give the correct stage to convey main concern results and an entrepreneurial soul that will enable the organization to prevail in this developing industry. As Penn West, the group experienced noteworthy changes all through the association, changes that have influenced each part of their business and have prompted the redefinition of the Company and how and where it develops from here.
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