Obsidian Energy: A New Chairman of the Board of Directors

On February 22, 2018 Obsidian Energy announced the hiring of a new chairman of the Obsidian Energy Board of Directors. Jay W. Thornton was appointed as Chairman and Mr. George Brookman, the Acting Chair since August 8, 2017, remains as one of the directors on the Board. Mr. Brookman became the Acting Chair after Rick George, their previous Chairman of the Board, passed away. He is a director of the Tervita Corporation and Energy Partners, Inc at present.

Jay Thornton, who was appointed to the Board of Directors in June 2013, has a plethora of experience in the oil and gas industry that spans three decades. He was a director of the Canadian Association of Petroleum Producers (CAPP)He was appointed to corporate executive, as well as, operating positions within corporations such as Suncor Energy and Shell Canada.

The new Chairman of the Board of Directors is now walking into a corporation that has turned a major corner financially. After drastically reducing a $380 million debt, the CEO and President of the company, David French, announced that 2017 “was a breakthrough year.” Their 4th quarter earnings was outstanding and they consistently met their operational goals. They also were able to beat their oil and gas production goals by 10%. The company states that this overproduction accelerates their momentum into the first quarter OF 2018. They plan to bring more wells online in 2018 to further boost their profits. Read This Article to learn more.

They expect their cost basis for operations to decrease in the future steadily. They also will continue to invest capital into their development projects. $37 million will be spent in constructing new production wells and in the exploration of new oil reservoirs such as the ones in the Rock Mountains of East Canada. Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves.

Obsidian Energy has a commitment to make positive impacts on all of the communities where they have operations. They sponsor a Community Matters program where all employees and contractors are to communicate openly with all people in the communities. They are to be respectful, and responsible when conducting business in and around communities, and they are to be proactive when addressing any concerns.

 

View Source: https://www.bloomberg.com/quote/OBE:CN

 

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