Every one of us dreams of owning a car some day in life. Not just a car but the best model that is just slick and swift enough to turn heads on the roads. But there is one thing that scares buyers and tends to discourage them from buying cars which is gas. With today’s living and expenses fueling cars might seem to be a bit of stress to some people. But worry no more people because there is some good news for you from Obsidian Energy. Refer to This Web Page for More Info.
What is Obsidian Energy?
Obsidian Energy is a firm that deals with oil and natural gas production w. It was previously known as Penn West Petroleum limited which. Penn West was changed to Obsidian Energy back in 2014 when the firm underwent financial issues due to the drop in crude oil prices, and it is located in Calgary in Alberta.
In Western Canadian there many Obsidian oil and gas fields along the Sedimentary Basin Region. This makes Alberta the world largest petroleum reserves. In 2008 after the drop ii fuel prices Penn West gave out monthly equities listed on the Stock Exchange of New York and a rate between 15 and 16% of dividends. In 2015 the shareholders of the company admitted that the company had some irregularities and in the previous year which was 2014 at a general meet and again the company was hit by law suits with claims of stock manipulation. These issues resulted in class action lawsuit but those with major investments but later solved last year.
Solving the irregularities in the firm’s accounts
In 2014 Obsidian saw that it was best to have a new CEO and David Dyck was elected. David spots the problems and came up with a calculation of $ 300 million was used in expenses. To add on that, between 2012 and 2014, Penn West had reduced the work energy by 50% and had a profit of $143 million which was the second quarter under the leadership of Rick George as the CEO. This lead to the company to report the irregularities to the US and Canadian regulators. Books were reviewed, and results showed that things like expenses used on plants and property were worth $70 million. This saved the company a big deal.