Obsidian Energy is a Canadian business producing natural resources such as oil and natural gas. Obsidian was first founded as Penn West Exploration LTD. The corporation changed its name to Obsidian Energy. It is based out of Calgary, Canada and trades on the Toronto Stock Exchange.
Penn West was a key part of the Canadian Royalty Trust for 6 years from 2005 – 2011. Members of the trust did not need to pay federal income taxes if they made regular income distributions in the form of dividends to their shareholders. Other companies who were part of this trust group include Advantage, ARC Energy, Baytex Energy, Bonavista Energy, Bonterra and Canadian Oil Sands along with other energy producers. In 2011, Penn West converted it’s from a Canadian Royalty trust into a conventional company when the federal government began to require trusts the same taxes as regular corporations.
In 2014, the new Chief Financial Officer David Dyck discovered that there were major irregularities in the accounting practices of Penn West. The corporation had misclassified expenses that totaled almost $300-million, causing the company to be in debt. In light of this major revelation, the company underwent a mandatory restructuring from 2014-2016 in order to resolve their financial obligations. The company successfully met their financial challenges by selling off a majority of their assets to reduce their debt. Visit This Page to learn more.
Penn West immediately contracted an independent auditing firm to review their books. An investigation was immediately launched by independent auditors. They discovered that operating expenses totaling $170 million were reclassified as capital expenditures and operating expenses totaling $200 million were reclassified as royalty expenses. They also found that these “errors” were made by an independent accounting firm, based both in Canada and the United States, who were contracted by Penn West to take care of their financial assets and accounting.
Learn More: http://www.newswire.ca/news-releases/penn-west-changes-name-to-obsidian-energy-ltd-and-announces-voting-results-from-the-2017-annual-and-special-meeting-of-shareholders-630941703.html
The problem that a lot of people have when it comes to buying fuel is that they do not know which company to choose. You might be trying to find a viable company but are afraid that you’re buying low-quality options or that the price is going to be too high. This is why a lot of people have chosen Obsidian Energy for their own gas or oil needs. Once you have made the decision to utilize Obsidian Energy, you’re well on your way to buying superior oil or gas at a price that you are going to be able to afford.
One of the reasons a lot of people have chosen Obsidian Energy is because of the price involved. Obsidian Energy is Canada’s leading fuel oil company and producer, so you’re choosing a company that truly works and is going to transform the way that you feel about what you’re buying. The company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).
You are not going to be paying a fortune just to get fuel, as they are able to keep their prices as low as possible because of the amount of people they are able to ship out to. In fact, Obsidian Energy ships out their fuel to a variety of different countries, so you can feel confident that you’re choosing an option that is the best price available.
Along with being inexpensive, Obsidian Energy offers their fuels at great quality options. You will be able to buy the products that you need without feeling like you’re burning through the product at an incredible rate. The quality of the fuel produced by Obsidian Energy is far superior to anything else that you might have tried in the past. This is why a lot of people have chosen Obsidian Energy for their own fuel needs, and this is something that you are going to find to be beneficial in a variety of different ways. If you would like more information on the company or need to place an order, you can easily visit the Obsidian Energy site and see what they are able to do for you and your business.
Click Here to learn more.
Obsidian Energy is a Canadian producer of natural gas and oil, which it supplies to communities located in the Calgary area. The business has approximately 300 employees and is headed by CEO David French. The company’s energy fields lie in the province of Alberta, where one of the biggest petroleum reserves exist. Formerly called Penn West Petroleum, the business has been in operation for over 30 years, and just recently had its name changed to Obsidian Energy in June of 2017.
Over the years, the energy supplier has grown to be one of Canada’s 60 most successful companies, and it is traded on both the Toronto and the New York Stock Exchange under the letters OBE. While giving an interview to the Toronto Stock Exchange, the CEO of Obsidian Energy stated that his company has undergone an extraordinary transformation that continues to attract investors. He also expressed his intention to expand the business and said that he was proud of the energy and the enthusiasm within the company.
Th executives at Obsidian are committed to positively impacting the communities they run their operation in by being part of a program they’ve named Community Matters. Through this program, employees and contractors of the company are encouraged to communicate and interact in an open and honest way with the residents in the area who have questions and concerns about their service, and to address those issues promptly and accurately. Find Related Information Here.
The mid-size company also strives to try to lessen the effect their energy supplying efforts has on the environment. They have a great concern for safety, so they’ve implemented programs that are aimed at protecting the public, as well as the company, and those who work within it. And the employees are offered a good benefit package on top of being provided with a competitive wage.
Customers of Obsidian Energy have two ways to contact the company if they have questions or concerns that are of a non-emergency nature. They can either call their toll-free number or email them and get the answers they are seeking about their service in a timely manner.