Canada occupies a huge territory, which is more than 9 million square kilometers, and it is considered as the second largest country on Earth by area. Because of the vast landmass that it occupies, oil and petroleum companies in Canada are rushing through its barren lands and trying to locate deposits of oil and petroleum. The western part of the country is rich in oil and petroleum deposits, and many companies are operating in these areas. Obsidian Energy is a Canadian oil and petroleum company that is headquartered in Calgary, Alberta. The company has been operating for several years, undergoing several brand name changes. They were previously known as Penn West Petroleum, and they have a huge number of oil and petroleum wells on the western side of the country.
In the past, Penn West Petroleum partnered with several drilling and exploration companies, and one of the areas that they surveyed before was the large mass of land in Western Canada. Penn West Petroleum invested in the project to find oil in the barren Canadian region, and after weeks of exploration, they succeed and located the oil and petroleum deposits. Penn West Petroleum immediately constructed their oil and petroleum wells, and extracted the resource underground. This discovery made Penn West Petroleum as one of the most valuable oil and petroleum companies in Canada, and they even made it to the top 60 companies, based on the Toronto Stock Exchange. Penn West Petroleum is able to produce 31,000 barrels of oil per day, and the business was doing great for them. However, oil prices went down in 2014, and this left a huge impact on Penn West Petroleum.
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From being a $9.5 billion worth company, Penn West Petroleum started to devaluate. They had to forcefully lay-off thousands of their employees, and their stock market value plummeted. The company also had to go under a restructure and rebranding process, changing their brand name from Penn West Petroleum to Obsidian Energy and reshuffling their company organization, making David L. French the current president and CEO. David L. French admits that Obsidian Energy is facing a number of challenges currently, but he believes that the company can get through it.