New Resolutions For The Obsidian Energy Limited After Name Change


Obsidian Energy Limited was founded in 1979 in Calgary, Canada. It is an oil and natural gases producer and was previously known as Penn West until 92 percent of shareholders voted to change the name on the 26th of June 2017 to give it a new beginning. The new CEO and President David French, who started in October 2016, stated that the Obsidian Energy is now focused on progressing and increasing profits through discipline, transparency, accountability, and innovation. He also added that the company’s new name was inspired by the obsidian which is a naturally occurring glass in volcanic activities and it has the potential to be sharpened, improved, and respected. Furthermore, the shareholders also approved all resolutions in the 30th April 2017 annual and special meeting notice. These resolutions included the appointment of Ernst and Young LLP, Chartered Accountants as the auditors of Penn West for the subsequent year. The company’s shareholders through the ballot, elected eight directors of the company to represent shareholders until the next shareholders annual meeting or a successor is appointed or elected.

 

96 percent of the shareholders voted for the reduction of Penn West share capital used for accounting with 94 percent of them voting for the change of restricted unit plan to become the restricted and performance share unit plan. 93 percent of the shareholders voted for the approval of the company’s suggested resolution plan according to the circular. While still operating under its previous name, the company was once on the Toronto Stock Exchange amongst S&P/TSX 60 the 60 largest companies. On January 2008, it reached peak market capitalization of almost 9.5 billion dollars, and it was a Canadian royal trust from 2005 to 2011. Go To This Page for more information.

 

Obsidian recorded a strong third quarter result of 2017 and their proposed budget for the year 2018. The company is to focus on reinvestment and growth. The board has allocated 135 million dollars in the 2018 budget with 86 million dollars to be used in improvement and expansion of the already existing wellbore, while 25 million dollars will go to business capital and infrastructure while the rest is allocated to meetings financing and decommissioning costs.

 

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