Many companies especially in the energy department have been struggling in the recent times. The markets have changed significantly, and most of them have only been making losses despite the huge amount of capital that is pumped in by investors. Many investors have been disappointed in the past, and some of them have decided to sell their shares in these companies. These shares have also been sold at very low prices, making the situation even worse. Penn West is an organization that has endured all these challenges. The company has decided to change its path, and it is looking forward to making more profits in the future.
Penn West is not a newbie in the energy market. The organization was founded several decades ago, and it has had a good share of ups and downs. The company has been fortunate to get shareholders from all parts of the country, and this is why it has managed to withstand the challenging times. Just recently, the institution experienced a scandal that left many people with numerous questions. The finance department in the organization was a huge mess several months ago. When investors realized the fraud, they were disappointed. The reputation of the company was significantly affected by the whole finance situation. See This Page for related information.
The management of the energy company, however, have decided to embrace various techniques to put the company into its former glory. According to the president of the company, Penn West will change its name to Obsidian Energy. The name has a significant meaning, and it is expected to attract customers from all walks of life. Obsidian is a natural glass that is extremely durable and beautiful. The natural glass can withstand harsh conditions, and it is considered to be among the best in the market. 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).
Obsidian Energy has also announced its plans to clear all its debts so that it can start its financial year in the right direction. The company has already paid a huge amount to the debtors, and it is planning to settle all the other bills in a short duration. The company investors and employees are extremely excited about the new name and the other developments.
View Source: https://en.wikipedia.org/wiki/Obsidian_Energy