Obsidian Energy: Harvesting Western Canada Resources
March 7, 2018
Obsidian Energy, formerly known as Penn West Petroleum, is making a comeback in the oil and petroleum industry. The rebranded company was unveiled in June 2017, and since their reveal, Obsidian Energy has been taking advantage of the oil and petroleum wells that they left behind in the western part of Canada. The company shrank after the oil and petroleum price crash, and the company which has more than thousands of employees are now only looking after a hundred. The new CEO of Obsidian Energy thought that it would be a great idea if they would be salvaging the remaining oil and petroleum wells that can be found in Western Canada. He believes that there is still an abundance of resources deep within the abandoned wells.
Obsidian Energy sent a team to verify if their oil and petroleum wells in the province of Alberta can still produce the resources that they need to bounce back. They had to test the soil and see if traces of oil and petroleum are present. The new management of the company is convinced that there are still oil and petroleum remaining deep within the wells and ordered their team to search for it. After weeks of testing the oil and petroleum wells, the team sent by Obsidian Energy found oil. They started to extract the remaining oil and petroleum in their abandoned wells, and they managed to get 31,000 barrels of oil in just a small area. Obsidian Energy knew that it would signal their rise in the industry once again, and ordered for more teams to extract the resources. View More Information Here.
Today, Obsidian Energy manages to extract 31,000 barrels of oil from the Western Canadian Sedimentary Basin. They also grew to become a middle-sized oil and petroleum company. Obsidian Energy believes that their achievements are still considered small, compared to what Penn West Petroleum has accomplished. However, the company stated that they would continue to extract oil and petroleum in their wells until they managed to pay off all of their debts and the company poses real revenues and profits. Obsidian is optimistic that they will bounce back after the oil price crisis hit them.
More on: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy