Obsidian Energy is a company that specializes in the production of natural gas and oil. The company if located in Canada and has its headquarters in Calgary. Obsidian was founded in 1979 and since then has grown to be one of the leading oil and natural gas producers in the entire country. The company was first known as Penn West Energy but changed its name in 2017 upon the suggestion and vote of the shareholders in the company. The name of the company was changed as part of an image overhaul that the company was going through at the time.
The name changed was pushed even further because the shareholders and officers in the company felt like they no longer represented the old Penn West that it used to be. Since the company was first founded, they have constantly improved their workings and the operations that they carry out. This development has changed the face of the entire company, which is why this name change was one of the best ways to introduce the new and improved oil and petroleum provider that they currently are. See This Article to learn more.
The change of name is also the last step that the company had to take towards a total transformation that they wanted to make. The company wanted to be able to establish themselves on new principles that would work to improve the way they function and the transparency that they have to their shareholders. The company wants to also take on a new stance when it comes to the kind of work that they do. The company wants to be able to foster a healthy work environment that was different from what they had before, which is also one of the reasons why they wanted to change the name of the company from Penn West Energy to Obsidian Energy.
The name change has also led to the change in stock name, which will now be determined as OBE in the Toronto Stock Exchange, as well as the NY Stock Exchange. The change was implemented immediately, as soon as the announcement was made to the shareholders of the company.