There was a company called Penn West Petroleum Ltd. This company changed its name to Obsidian Energy Ltd. in June of 2017. Obsidian Energy is a gas and oil producer of medium size that produces assets of high quality that come to around 30,000 boe every day. Not only was there a name change, there were also important changes all throughout the company that affected each part of the business and allowed it to grow even more. Obsidian Energy became even leaner, more capable and stronger than when it was Penn West Petroleum.
With these prestigious assets and the organization that is producing them, there are always positive results by using the proper business spirit that will let Obsidian be a success in this industry. It is a company that is dedicated to use passion, discipline and reliable accountability always to their partners, communities and shareholders to whom they serve.
Obsidian Energy has operations that include Alberta Viking, Cardium and Peace River. Alberta Viking provides leverage in their infrastructure with production of 1,7676 boe/d and netback of $22/boe. This advantage is able to provide infrastructure ownership and a leading position over the area of Esther. This is accomplished with a light oil and gas mix that has shorter cycle wells with longer cycle activities in Cardium.
Cardium has a production of 18,876 boe/d and a netback of $20/boe. It is used for high-netback and low-decline light oil production. Cardium is perfect for the waterflood platform approach to keep pressure of a reservoir able to lessen decline rates on wells that are new. This method has successfully been used for several decades to increase recovery and production. Click Here for more information
Peace River is cold flow manufacturing. Its production is 4,823 boe/d with a netback of $23/boe. This netback is of carried operating costs. This operation manufactures the cold flow in the Peace River. It is a combined venture with both Obsidian Energy and China Investment Corporation. The largest position is in the crude oil resource.