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Obsidian Energy

December 04, 2023

Obsidian Energy Ltd. (previously known as Penn West Exploration Ltd., Penn West Petroleum and Penn West Energy Trust) is a mid-sized Canadian oil and natural gas production company based in Calgary, Alberta.

Obsidian Energy Ltd.
Obsidian Energy Ltd
TypePublic
TSX: OBE
IndustryOil and natural gas
FoundedCalgary, Alberta, Canada (1979)
HeadquartersHeadquarters in Calgary; oil and gas wells throughout western Canada
Key people
David L. French (CEO, 2016–19)
ProductsOil and natural gas
Number of employees
300 (2017)[1]
Websitewww.obsidianenergy.com

For a while[when?][specify] it was one of the S&P/TSX 60, the sixty largest companies on the Toronto Stock Exchange. From 2005–2011 it was a Canadian royalty trust (CANROY), and reached a peak market capitalization in January 2008 of approximately US $9.5 billion. In the 2012 Forbes Global 2000, Penn West Petroleum, Obsidian Energy's predecessor, was ranked as the 1086th largest public company in the world.[2]

The company experienced operational and financial difficulties when crude oil prices fell significantly in 2014. As a result, the company underwent a significant restructuring with the majority of the assets sold over the next two years to reduce debt.[1]

Obsidian's oil and gas fields are located in Alberta, along the Western Canadian Sedimentary Basin, a region which is one of the world's largest petroleum reserves. Production comes from three key areas in Alberta: the Pembina Cardium, the Peace River oil sands, and the Alberta Viking. Total production in 2017 is expected to average approximately 31,000 bbl equivalent per day.

On 26 June 2017, Penn West Petroleum changed its name to Obsidian Energy.[3]

Current operations edit

The formal name change from Penn West Petroleum Ltd. (TSX – PWT; NYSE – PWE) to Obsidian Energy Ltd. (TSX – OBE; NYSE – OBE) took place on June 26, 2017 at the shareholders meeting.[3] The board of directors was elected with David L. French as CEO and board members including George H. Brookman, John Brydson, Raymond D. Crossley, David L. French, William A. Friley, Richard L. George, Maureen Cormier Jackson, and Jay W. Thornton.[3]

In 2017, the 2017 Capex budget for Obsidian was C$160 million.[4]: 5  In spite of the pressure from the low price of oil in general and the record low prices of Canada's heavy oil, benchmark Western Canadian Select (WCS), which is complicated by the lack of pipeline capacity, Obsidian's is "heavily weighted towards gas which resulted in relatively small impact from WCS differentials".[4]: 5 

By December 2017, Obsidian set a target production for 2018 at 31,500 boe/d. with heavy oil accounting for about 20% of Obisidian's production.[4]: 4  Obsidian's heavy oil, because of its specifications, has a bigger discount than the benchmark Western Canadian Select (WCS).[4]: 4 

History edit

In 1995 Penn West, then an independent exploration and production company called Penn West Petroleum Ltd, was the operator and licensee of a well in Saddle Hills Field, Alberta, where they held rights to an entire DSU.[5][6]: 972 

In May 2005, Penn West under the new trade name "Penn West Energy Trust" operated as a Canadian royalty trust (CANROY).[7] According to a 2004 article in The New York Times, the Canadian royalty trusts (CANROY) were "much larger, both in production and in market capitalization", than those in the United States. They produce about 11 percent of the oil and 23 percent of the natural gas in Canada and have a combined market capitalization of 34 billion Canadian dollars, or about $27 billion."[8][Notes 1] Penn West was already one of the top ten Canadian oil and gas companies in terms of after tax profits from 2003 through 2007.[Notes 2] Penn West Petroleum (PWT) was a Canadian royalty trust (CANROY) from 2005–2011, and as such did not pay federal income taxes.[7][9]

Calgary-based Penn West Energy Trust acquired publicly-traded trust companies—Petrofund Energy Trust in June 2006,[10] Canetic Resources Trust, a "smaller rival" for $3.6-billion in 2007,[11] Vault Energy Trust in January 2008,[10] and Endev Energy Inc. in July 2008.[10] According to a 2007 CBC News article, Penn West became the largest oil and gas energy trust in North America after its acquisition of Canetic.[11]

On January 1, 2011, the government cracked down on Penn West, one of a group of oil and gas producers, who from 2005 to 2011, through Canadian royalty trusts (CANROYs), did not pay "federal income taxes if they distributed their income to shareholders."[7][Notes 3][Notes 4]

In response to the government crackdown, in January 2011, Penn West converted from a CANROY to a conventional corporation, a "newly-incorporated entity named Penn West Petroleum Ltd."[10][Notes 5][9] From 2012 to June 2014, Penn West cut back its work force by almost 50%.[12]

The 2013 CBR company listings reported that by 2012, Penn West Petroleum Ltd. was operated as Penn West Exploration, "engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and assets".[10][13] The board of directors in the fiscal year 2013 included David E. Roberts as President & CEO and David A. Dyck as Senior Vice President & CFO. In July 2014, Dyck had discovered and reported irregularities in the company's accounting practices that "misclassified nearly $300-million in expenses."[12]

Penn West reported that preliminary findings revealed irregularities totaling "$381-million in 2013 and 2012." Penn West notified Canadian and U.S. regulators about the irregularities and expanded their own investigation to review results going back to 2007. Lawsuits tied to the accounting irregularities include those in Canada and a class action lawsuit in the United States.[14] According to CBC News, by the end of July 2014, independent auditors contracted by Penn West to review its books uncovered that "$70 million worth of operating expenses that were reclassified as capital expenditures on things like property, plant and equipment in fiscal 2013; $110 million of similar expenses incorrectly classified in fiscal 2012; $100 million in operating expenses that were incorrectly reclassified as royalty expense" in 2012 and 2013.[15] The 2012, 2013, and 2014 financial statements were audited by KPMG who were replaced by Ernst & Young (EY) for the audit of the 2015 financial statements.[16]

Penn West's profit in the second quarter of 2014 was $143-million, or 29 cents per share.[12] Rick George who was Suncor's CEO from 1991 to 2012, served as Penn West's CEO from 2013 to 2014. The company laid off 1350 of its 2350 employees since Dave Roberts became CEO.[17]

According to a May 2015 CBC News article, at their May 2015 annual general meeting, Penn West's chair, Richard George, reassured shareholders of the company's viability in spite of a drop of 80% in the value of their shares in 2014/2015 as it struggled with low WTI benchmark prices of $60 US a barrel. At that time the company was facing "six different lawsuits from investors in Canada and one consolidated lawsuit in the United States."[17] In response to the decline in oil prices, on September 2, 2015, Penn West announced cuts of about 400 full-time employees and contractors mainly from the company's headquarters in Calgary which represents 35 per cent of the total workforce at Penn West.[18] Penn West also suspended "dividend payments to its shareholders after its next payment in October [2015] and reduc[ed] compensation for its board of directors."[18]

Deep disposal well and Peace River earthquakes edit

 
3 earthquakes 40 kilometres (25 mi) southeast of the town of Peace River

On March 23, 2023, the Alberta Energy Regulator (AER) issued an environmental protection order to Obsidian following months of investigation into three earthquakes that occurred near Obsidian's deep disposal Injection well 40 kilometres (25 mi) southeast of Peace River Peace River, Alberta, a town of 6,000 in northwest Alberta.[19] The magnitude of the first earthquake was 5.6, the second on March 9, 2023—which was more shallow—was a magnitude 3.2, and the third on a March 16, which occurred near the site of the first earthquake, was a magnitude 5.[19] A timeline released in late March, conducted by AER's Geological Survey (AGS), says that there was a "clear" connection between the cluster of "large, felt seismicity" and the deep well disposal injections into the Leduc Formation.[19] AGS scientists said that this recurrence of earthquakes is more typical of "induced"—as opposed to natural—seismicity.[19] The AGS timeline was informed by scientific data about aftershocks and underground strata collected from sensors placed around the earthquake sites.[19] A third party analysed this data. Further evidence, confirming the AGS timeline, was also collected through independent research undertaken by a team of seismologists from Stanford University, the University of Alberta and Natural Resources Canada.[19]

Notes edit

  1. ^ This was an entity which pays the majority of its earnings directly to shareholders (known as "unitholders" in a trust), in the form of dividends.
  2. ^ 1. EnCana 2.36B (2003) and 3.96B (2007); Imperial Oil 1.71B (2003) 3.19B (2007); 3. Husky Energy 1.33B (2003) 3.21B (2007) 4. Suncor Energy 1.09B (2003) 1.08 1.16 2.97 2.83B (2007); 5. Petro-Canada 1.65B (2003) 2.73B (2007); Canadian Natural Resources 1.40B (2003) 2.61B (2007); Talisman Energy 0.98B (2003) 2.08B (2007); Nexen 0.58B (2003) 1.09B (2007); Canadian Oil Sands Trust 0.31B (2003) 0.74B (2007); 10. Penn West Energy Trust 0.45B (2003) 0.18B (2007)
  3. ^ Domash: "The resulting double-digit dividend yields grabbed dividend investors’ attention in the mid-2000s. Eventually the government cracked down and starting in 2011, trusts were required to pay the same taxes as regular corporations. Consequently, all trusts converted to corporations, and many cut their dividends"
  4. ^ Penn West, Advantage, ARC Energy, Baytex Energy, Bonavista Energy, Bonterra, Canadian Oil Sands, Crescent Point Energy, Daylight Resources, Enerplus Resources, Enterra, Fairborne Energy, Freehold Royalty, NAL Oil & Gas, Paramount, Pengrowth, Peyto Energy, Progress Energy, Provident Energy, Trilogy, Vermillion Energy and Zargon Energy all benefited from Canadian royalty trusts (CANROYs).
  5. ^ CBR:"Unit holders of the Trust exchanged their units on a one-for-one basis into the common shares of a newly-incorporated entity named Penn West Petroleum Ltd. The new entity had, as part of the arrangement, amalgamated with an entity holding the assets of the Trust."

References edit

  1. ^ a b "Analyst Day Presentation 2017" (PDF). Retrieved 2017-06-07.
  2. ^ "Forbes Global 2000". Forbes. Retrieved 31 October 2020.
  3. ^ a b c "Penn West Changes Name to Obsidian Energy Ltd. and Announces Voting Results from the 2017 Annual and Special Meeting of Shareholders". News Wire. Calgary. June 26, 2017. Retrieved January 4, 2019.
  4. ^ a b c d "WCS Vs. WTI: Canadian Heavy Crude Discount Demystified". Seeking Alpha. Investments Cornerstone. January 4, 2018. Retrieved January 4, 2019.
  5. ^ Penn West Petroleum Ltd., Compulsory Pooling, Saddle Hills Field, Examiners' Report E 95-3.
  6. ^ Bankes, Nigel (1997). "Compulsory Pooling under the Oil and Gas Conservation Act of Alberta (OGCA)". Alberta Law Review. XXXV (4): 945–1012. doi:10.29173/alr1039. Retrieved January 4, 2019. Under the 1957 Oil and Gas Conservation Act of Alberta (OGCA), compulsory pooling defines a Drilling Spacing Unit (DSU) in regards to licensing and production of an oil well.
  7. ^ a b c Domash, Harry (2011), Canadian Energy: Exploration & Production, Dividend Detective, retrieved December 23, 2014
  8. ^ Alex Tarquinio (October 17, 2004). "Royalty Trusts: Not an Oil Baron? You Can Still Get Oil Royalties". New York Times. Retrieved January 4, 2019.
  9. ^ a b "Penn West Petroleum Ltd (TSE:PWT)", Google Finance, 23 December 2014, retrieved 23 December 2014
  10. ^ a b c d e "Penn West Exploration (Penn West Petroleum Ltd.)". Canadian Business Resource (CBR). Company Listing. Retrieved January 4, 2019.
  11. ^ a b "Penn West swallows Canetic in $3.6B deal". CBC News. 2007-10-31. Retrieved 2019-01-04.
  12. ^ a b c Canadian Press (September 18, 2014). "'No impact on our strategic direction': Penn West to review results dating back to 2007". Financial Post. Retrieved January 4, 2019.
  13. ^ , Penn West, 2014, archived from the original on 23 December 2014, retrieved 23 December 2014
  14. ^ Tait, Carrie; Jones, Jeffrey (August 1, 2014). "The Penn West saga: Tom Budd, Rick George and a drama in the making". The Globe and Mail. Retrieved January 4, 2019.
  15. ^ "Penn West to restate results after accounting irregularities Calgary oil company worth $5 billion will restate 4 years worth of results". CBC News. 30 July 2014. Retrieved 2 September 2015.
  16. ^ "U.S. judge denies former Penn West accountants' bid to dismiss SEC charges". Canadian Accountant.
  17. ^ a b Bakx, Kyle (May 13, 2015). "Lawsuits the latest challenge for Penn West Calgary-based energy company facing litigation on both sides of the border". CBC News. Retrieved September 2, 2015.
  18. ^ a b Canadian Press (September 2, 2015). "Penn West Petroleum, ConocoPhillips Canada slash hundreds of jobs Most of the 900 job losses between the 2 companies will be from Calgary offices". CBC News. Retrieved 2 September 2015.
  19. ^ a b c d e f Weber, Bob (March 30, 2023). "Regulator defends finding that Alberta's largest earthquake was caused by oilpatch". The Star. Edmonton, Alberta. Retrieved March 30, 2023.

External links edit

  • Official website

December 04, 2023
obsidian, energy, previously, known, penn, west, exploration, penn, west, petroleum, penn, west, energy, trust, sized, canadian, natural, production, company, based, calgary, alberta, trade, name, ltdtypepublictraded, astsx, obeindustryoil, natural, gasfounded. Obsidian Energy Ltd previously known as Penn West Exploration Ltd Penn West Petroleum and Penn West Energy Trust is a mid sized Canadian oil and natural gas production company based in Calgary Alberta Obsidian Energy Ltd Trade nameObsidian Energy LtdTypePublicTraded asTSX OBEIndustryOil and natural gasFoundedCalgary Alberta Canada 1979 HeadquartersHeadquarters in Calgary oil and gas wells throughout western CanadaKey peopleDavid L French CEO 2016 19 ProductsOil and natural gasNumber of employees300 2017 1 Websitewww wbr obsidianenergy wbr comFor a while when specify it was one of the S amp P TSX 60 the sixty largest companies on the Toronto Stock Exchange From 2005 2011 it was a Canadian royalty trust CANROY and reached a peak market capitalization in January 2008 of approximately US 9 5 billion In the 2012 Forbes Global 2000 Penn West Petroleum Obsidian Energy s predecessor was ranked as the 1086th largest public company in the world 2 The company experienced operational and financial difficulties when crude oil prices fell significantly in 2014 As a result the company underwent a significant restructuring with the majority of the assets sold over the next two years to reduce debt 1 Obsidian s oil and gas fields are located in Alberta along the Western Canadian Sedimentary Basin a region which is one of the world s largest petroleum reserves Production comes from three key areas in Alberta the Pembina Cardium the Peace River oil sands and the Alberta Viking Total production in 2017 is expected to average approximately 31 000 bbl equivalent per day On 26 June 2017 Penn West Petroleum changed its name to Obsidian Energy 3 Contents 1 Current operations 2 History 3 Deep disposal well and Peace River earthquakes 4 Notes 5 References 6 External linksCurrent operations editThe formal name change from Penn West Petroleum Ltd TSX PWT NYSE PWE to Obsidian Energy Ltd TSX OBE NYSE OBE took place on June 26 2017 at the shareholders meeting 3 The board of directors was elected with David L French as CEO and board members including George H Brookman John Brydson Raymond D Crossley David L French William A Friley Richard L George Maureen Cormier Jackson and Jay W Thornton 3 In 2017 the 2017 Capex budget for Obsidian was C 160 million 4 5 In spite of the pressure from the low price of oil in general and the record low prices of Canada s heavy oil benchmark Western Canadian Select WCS which is complicated by the lack of pipeline capacity Obsidian s is heavily weighted towards gas which resulted in relatively small impact from WCS differentials 4 5 By December 2017 Obsidian set a target production for 2018 at 31 500 boe d with heavy oil accounting for about 20 of Obisidian s production 4 4 Obsidian s heavy oil because of its specifications has a bigger discount than the benchmark Western Canadian Select WCS 4 4 History editIn 1995 Penn West then an independent exploration and production company called Penn West Petroleum Ltd was the operator and licensee of a well in Saddle Hills Field Alberta where they held rights to an entire DSU 5 6 972 In May 2005 Penn West under the new trade name Penn West Energy Trust operated as a Canadian royalty trust CANROY 7 According to a 2004 article in The New York Times the Canadian royalty trusts CANROY were much larger both in production and in market capitalization than those in the United States They produce about 11 percent of the oil and 23 percent of the natural gas in Canada and have a combined market capitalization of 34 billion Canadian dollars or about 27 billion 8 Notes 1 Penn West was already one of the top ten Canadian oil and gas companies in terms of after tax profits from 2003 through 2007 Notes 2 Penn West Petroleum PWT was a Canadian royalty trust CANROY from 2005 2011 and as such did not pay federal income taxes 7 9 Calgary based Penn West Energy Trust acquired publicly traded trust companies Petrofund Energy Trust in June 2006 10 Canetic Resources Trust a smaller rival for 3 6 billion in 2007 11 Vault Energy Trust in January 2008 10 and Endev Energy Inc in July 2008 10 According to a 2007 CBC News article Penn West became the largest oil and gas energy trust in North America after its acquisition of Canetic 11 On January 1 2011 the government cracked down on Penn West one of a group of oil and gas producers who from 2005 to 2011 through Canadian royalty trusts CANROYs did not pay federal income taxes if they distributed their income to shareholders 7 Notes 3 Notes 4 In response to the government crackdown in January 2011 Penn West converted from a CANROY to a conventional corporation a newly incorporated entity named Penn West Petroleum Ltd 10 Notes 5 9 From 2012 to June 2014 Penn West cut back its work force by almost 50 12 The 2013 CBR company listings reported that by 2012 Penn West Petroleum Ltd was operated as Penn West Exploration engaged in the business of acquiring developing exploiting and holding interests in petroleum and natural gas properties and assets 10 13 The board of directors in the fiscal year 2013 included David E Roberts as President amp CEO and David A Dyck as Senior Vice President amp CFO In July 2014 Dyck had discovered and reported irregularities in the company s accounting practices that misclassified nearly 300 million in expenses 12 Penn West reported that preliminary findings revealed irregularities totaling 381 million in 2013 and 2012 Penn West notified Canadian and U S regulators about the irregularities and expanded their own investigation to review results going back to 2007 Lawsuits tied to the accounting irregularities include those in Canada and a class action lawsuit in the United States 14 According to CBC News by the end of July 2014 independent auditors contracted by Penn West to review its books uncovered that 70 million worth of operating expenses that were reclassified as capital expenditures on things like property plant and equipment in fiscal 2013 110 million of similar expenses incorrectly classified in fiscal 2012 100 million in operating expenses that were incorrectly reclassified as royalty expense in 2012 and 2013 15 The 2012 2013 and 2014 financial statements were audited by KPMG who were replaced by Ernst amp Young EY for the audit of the 2015 financial statements 16 Penn West s profit in the second quarter of 2014 was 143 million or 29 cents per share 12 Rick George who was Suncor s CEO from 1991 to 2012 served as Penn West s CEO from 2013 to 2014 The company laid off 1350 of its 2350 employees since Dave Roberts became CEO 17 According to a May 2015 CBC News article at their May 2015 annual general meeting Penn West s chair Richard George reassured shareholders of the company s viability in spite of a drop of 80 in the value of their shares in 2014 2015 as it struggled with low WTI benchmark prices of 60 US a barrel At that time the company was facing six different lawsuits from investors in Canada and one consolidated lawsuit in the United States 17 In response to the decline in oil prices on September 2 2015 Penn West announced cuts of about 400 full time employees and contractors mainly from the company s headquarters in Calgary which represents 35 per cent of the total workforce at Penn West 18 Penn West also suspended dividend payments to its shareholders after its next payment in October 2015 and reduc ed compensation for its board of directors 18 Deep disposal well and Peace River earthquakes edit nbsp 3 earthquakes 40 kilometres 25 mi southeast of the town of Peace RiverOn March 23 2023 the Alberta Energy Regulator AER issued an environmental protection order to Obsidian following months of investigation into three earthquakes that occurred near Obsidian s deep disposal Injection well 40 kilometres 25 mi southeast of Peace River Peace River Alberta a town of 6 000 in northwest Alberta 19 The magnitude of the first earthquake was 5 6 the second on March 9 2023 which was more shallow was a magnitude 3 2 and the third on a March 16 which occurred near the site of the first earthquake was a magnitude 5 19 A timeline released in late March conducted by AER s Geological Survey AGS says that there was a clear connection between the cluster of large felt seismicity and the deep well disposal injections into the Leduc Formation 19 AGS scientists said that this recurrence of earthquakes is more typical of induced as opposed to natural seismicity 19 The AGS timeline was informed by scientific data about aftershocks and underground strata collected from sensors placed around the earthquake sites 19 A third party analysed this data Further evidence confirming the AGS timeline was also collected through independent research undertaken by a team of seismologists from Stanford University the University of Alberta and Natural Resources Canada 19 Notes edit This was an entity which pays the majority of its earnings directly to shareholders known as unitholders in a trust in the form of dividends 1 EnCana 2 36B 2003 and 3 96B 2007 Imperial Oil 1 71B 2003 3 19B 2007 3 Husky Energy 1 33B 2003 3 21B 2007 4 Suncor Energy 1 09B 2003 1 08 1 16 2 97 2 83B 2007 5 Petro Canada 1 65B 2003 2 73B 2007 Canadian Natural Resources 1 40B 2003 2 61B 2007 Talisman Energy 0 98B 2003 2 08B 2007 Nexen 0 58B 2003 1 09B 2007 Canadian Oil Sands Trust 0 31B 2003 0 74B 2007 10 Penn West Energy Trust 0 45B 2003 0 18B 2007 Domash The resulting double digit dividend yields grabbed dividend investors attention in the mid 2000s Eventually the government cracked down and starting in 2011 trusts were required to pay the same taxes as regular corporations Consequently all trusts converted to corporations and many cut their dividends Penn West Advantage ARC Energy Baytex Energy Bonavista Energy Bonterra Canadian Oil Sands Crescent Point Energy Daylight Resources Enerplus Resources Enterra Fairborne Energy Freehold Royalty NAL Oil amp Gas Paramount Pengrowth Peyto Energy Progress Energy Provident Energy Trilogy Vermillion Energy and Zargon Energy all benefited from Canadian royalty trusts CANROYs CBR Unit holders of the Trust exchanged their units on a one for one basis into the common shares of a newly incorporated entity named Penn West Petroleum Ltd The new entity had as part of the arrangement amalgamated with an entity holding the assets of the Trust References edit a b Analyst Day Presentation 2017 PDF Retrieved 2017 06 07 Forbes Global 2000 Forbes Retrieved 31 October 2020 a b c Penn West Changes Name to Obsidian Energy Ltd and Announces Voting Results from the 2017 Annual and Special Meeting of Shareholders News Wire Calgary June 26 2017 Retrieved January 4 2019 a b c d WCS Vs WTI Canadian Heavy Crude Discount Demystified Seeking Alpha Investments Cornerstone January 4 2018 Retrieved January 4 2019 Penn West Petroleum Ltd Compulsory Pooling Saddle Hills Field Examiners Report E 95 3 Bankes Nigel 1997 Compulsory Pooling under the Oil and Gas Conservation Act of Alberta OGCA Alberta Law Review XXXV 4 945 1012 doi 10 29173 alr1039 Retrieved January 4 2019 Under the 1957 Oil and Gas Conservation Act of Alberta OGCA compulsory pooling defines a Drilling Spacing Unit DSU in regards to licensing and production of an oil well a b c Domash Harry 2011 Canadian Energy Exploration amp Production Dividend Detective retrieved December 23 2014 Alex Tarquinio October 17 2004 Royalty Trusts Not an Oil Baron You Can Still Get Oil Royalties New York Times Retrieved January 4 2019 a b Penn West Petroleum Ltd TSE PWT Google Finance 23 December 2014 retrieved 23 December 2014 a b c d e Penn West Exploration Penn West Petroleum Ltd Canadian Business Resource CBR Company Listing Retrieved January 4 2019 a b Penn West swallows Canetic in 3 6B deal CBC News 2007 10 31 Retrieved 2019 01 04 a b c Canadian Press September 18 2014 No impact on our strategic direction Penn West to review results dating back to 2007 Financial Post Retrieved January 4 2019 Penn West Corporate Fact Sheet Penn West 2014 archived from the original on 23 December 2014 retrieved 23 December 2014 Tait Carrie Jones Jeffrey August 1 2014 The Penn West saga Tom Budd Rick George and a drama in the making The Globe and Mail Retrieved January 4 2019 Penn West to restate results after accounting irregularities Calgary oil company worth 5 billion will restate 4 years worth of results CBC News 30 July 2014 Retrieved 2 September 2015 U S judge denies former Penn West accountants bid to dismiss SEC charges Canadian Accountant a b Bakx Kyle May 13 2015 Lawsuits the latest challenge for Penn West Calgary based energy company facing litigation on both sides of the border CBC News Retrieved September 2 2015 a b Canadian Press September 2 2015 Penn West Petroleum ConocoPhillips Canada slash hundreds of jobs Most of the 900 job losses between the 2 companies will be from Calgary offices CBC News Retrieved 2 September 2015 a b c d e f Weber Bob March 30 2023 Regulator defends finding that Alberta s largest earthquake was caused by oilpatch The Star Edmonton Alberta Retrieved March 30 2023 External links editOfficial website nbsp Canada portal nbsp Companies portal Retrieved from https en wikipedia org w index php title Obsidian Energy amp oldid 1188202299, wikipedia, wiki, book, books, library,

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