Obsidian Energy, known previously as Penn West Petroleum, has a large deposit of oil and petroleum wells in the northernmost part of Canada. The oil and petroleum wells owned by Obsidian Energy are located in the Western Canadian Sedimentary Basin, which is a known geological feature because of the abundance of petroleum reserves. It is also considered as one of the largest petroleum reserves in the world, and the amount of oil extracted by Obsidian Energy from the location is about 31,000 barrels per day. There are three primary locations in the Western Canadian Sedimentary Basin where Obsidian Energy operates – the Alberta Viking, the Peace River Oil Sands, and the Pembina Cardium, which are all located in the province of Alberta.
Known for its vast area, the Western Canadian Sedimentary Basin covers more than 1.4 million square kilometers of land. It encompasses several provinces and territories of Canada, including Alberta, British Columbia, Manitoba, Northwest Territories, and Saskatchewan. Over 250 million cubic meters of gas have been extracted from the location in 2000, but the actual number data has been observed to go down as years go by. Today, most of the operations conducted by Obsidian Energy are only for reselling the oil and petroleum deposits that they managed to extract. Click Here for additional information.
In the past, when Obsidian Energy was still known to the public as the Penn West Petroleum, the number of oil and petroleum that they are extracting per day is higher. They have been known as one of the 60 largest companies in Canada, posting more than $9.5 billion in annual sales. However, due to the constant crash of the oil and petroleum prices around the world, starting in 2014, Penn West Petroleum started to feel the effects, and their revenues went down. They had to cut the number of their employees to save money, and they also had to sell some of their assets. The company had to go through a restructuring and rebranding procedure to save what’s left, and in June 2017, the company changed its brand name to Obsidian Energy. With a new set of officers looking for the company, Obsidian wishes that their sales be restored to its former status.