The changing of the Penn West Petroleum Ltd. to Obsidian Energy Ltd. did not just stop at renaming but came with an approval of a few other changes. The name change was affected immediately although shareholders were not in any way required to make any alterations. It was only going to be a symbol change in the Toronto and New York stock exchange market.
As Obsidian Energy transitions with a new name, there are certain aspects that will continue being its guiding principles. These are exercising discipline when it comes to technical and commercial decisions to build and protect the value of the enterprise. Secondly, will be pursuing progress and innovation and lastly remaining accountable and transparent to partners, shareholders and the general community within which it operates.
The shareholders in a meeting in April 2017 approved a few other things in addition to the name change. Top on the list was the appointment of an auditor. Ernst & Young LLP chartered accountants were approved to become the auditor for the organizations. It was also agreed upon that directors would be elected by secret ballot after the management made its proposals.
The directors were to hold office until the next shareholders annual meeting when successors would be appointed or elected. Also approved by ballot voting was the corporation’s approach to compensation of executives. There was also an amendment to the restricted unit plan. This also passed through ballot box voting. In addition to the approvals was the reduction of share capital, which was to assist with the accounting processes. See This Page for More Info.
Obsidian Energy is a mid-level size gas and oil producer that has a portfolio that is well balanced and is located on the western side of Canada. The company has a strict way of doing things, which revolves around discipline and being passionate, about everything that the company undertakes.
Obsidian also has a special dedication to serving its shareholders and community, which is seen in how it continues to be accountable for everything. Transparency is the order of the day at Obsidian. The company takes responsibility to ensure that its shareholders, customers, and the community are all well catered for.