Penn West Petroleum moves toward changing name to Obsidian Energy

May 26, 2017
Penn West Petroleum Ltd., Calgary, is proposing a name change to Obsidian Energy Ltd. following a major restructuring and renovation effort.

Penn West Petroleum Ltd., Calgary, is proposing a name change to Obsidian Energy Ltd. following a major restructuring and renovation effort.

Penn West’s asset disposition program this year has netted an additional $80 million in proceeds after ending 2016 with proceeds of $1.4 billion (OGJ Online, June, 13, 2016). The company’s long-term debt has been reduced to less than $400 million.

The company’s operations are focused on the Cardium, Peace River, and Alberta Viking areas of Alberta.

“As we look around today, our company is very different from just a few short years ago,” commented David French, Penn West president and chief executive officer. “Over the past several months, we spoke a lot about concluding the story of our restructuring, which touched everything from our balance sheet, key development areas, people, and operating practices. We rebuilt the company from the assets up and refocused from the top down.”

Shareholders will vote on the name change at the company’s annual and special meeting on June 26 in Calgary.