Obsidian Energy, previously known as Penn West Petroleum, is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets producing roughly 30,000 BOE per day. Obsidian is located in the heart of Calgary, Alberta Canada. An interesting fact about Obsidian Energy is that it was one of the companies on the S&P/TSX 60. For 6 years, between the years 2005-2011, Obsidian Energy was a Canadian Royalty Trust and reached a peak market capitalization of $9.5 billion USD in 2008. On January 1, 2011, Obsidian Energy converted from a Canadian Royalty Trust to a conventional corporation. Although the company has had great financial success, the company went through some financial difficulties during the crude oil price drop in 2014. Obsidian Energy has most of its oil and gas fields spread across Alberta including production areas of Pembina Cardium, Peace River Oil Sands, and Alberta Viking. As a matter of fact, it was not until recently this summer on June 26, 2017, where Penn West Petroleum changed its name to Obsidian Energy. As of 2017, Obsidian Energy employs around 407 employees and produces 28,000 barrels of oil. See More Info Here.
Let’s discuss the head of it all, David L. French, the President and CEO of Obsidian Energy. Before joining the Company in 2016, Mr. French filled in as President and CEO of Bankers Petroleum Ltd., a Calgary-based traded on an open market oil and gas organization with operations in Southeastern Europe. Mr. French effectively drove the operational and business development of the venture over his residency. He has worked an extensive variety of supply shake sorts, and essential, auxiliary and tertiary improvement all through Canada, the United States, and Europe. Before joining Bankers in 2013, Mr. French held a few official parts at Apache Corporation including Regional Production Manager for the western Canadian business, and Global Vice President of Business Development. Prior in his profession Mr. French worked for McKinsey and Co. in vitality counseling and manufactured his vocation in the Permian Basin for Amoco Production Company. Mr. French holds a Bachelor’s degree in mechanical designing from Rice University and an MBA from Harvard Business School.