Obsidian Energy Ltd. Is an average sized Canadian oil and conventional natural gas manufacturing company located in Calgary, Alberta? They experienced financial and operational adversity when prices of crude oil immensely went down in 2014. Consequently, the company goes through a compelling restructuring with the bulk of the resources bargained over the next two years to lessen the debt and the company’s arrears.
In July, by the year if 2014 Penn West freshly delegated Financial Officer Dyck, David had detected and disclosed irregularities in the company’s bookkeeping system that misclassified approximately and roughly 300 million dollars in cost and damages. Penn West Petroleum alert the U.S. and Canadian directors regarding with the inconsistency and flaws and broaden their inspection and analysis to reassess and re-examine conclusions way back in 2007. The accusations bound, and tied auditing irregularities comprise those in Canada and a class force impeachment in the United States. At the end of July 2014, independent accountant and auditors revealed and confirmed that 70 million dollars’ worth of expenses that is rechanneled as the capital disbursement on stuff like property and equity, equipment and plant in financial 2013.
The auditors disclosed that hundreds of millions of dollars in costs had been inadequately and improperly classified, urging it to summarize and recap financial reports for the year of 2012, 2013 and the first part of the year 2014. Get Additional Information Here.
On June 26, 2017, Obsidian is happy and satisfied that the investors or bondholders approved the change name. The CEO, French Dave, reveals that the firm designates the name Obsidian because it is typically acquiring volcanic looking glass that can be a grind and honed. Shareholders chose and voted 92 percent in backing up of the resolution of changing the name.
They are pleased to identify the final step with the transformation changing the name to Obsidian Energy. As they embark the brand-new stage, they will monitor the company with ethics and foundation. Obsidian Energy is well grounded in right resources and assets.
Additional to the name change, investors and shareholders legalized and approved all resolutions bounded in the 2017 Annual and Special Meeting on April 30, 2017. Currently, 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).