Obsidian Energy knows how to run a lean and mean energy producing machine. The Canadian energy company, which produces around 30,000 boe per day, is known as one of the more exciting new names to energy sector. A look at Obsidian Energy’s management team and their plans for the future reveals a company looking to become a big player in the energy sector.
Obsidian Energy is led by President and Chief Executive Officer David L. French, who joined the company in October of 2016. Prior to leading Obsidian, Mr. French was President and CEO of Bankers Petroleum Ltd., a publicly traded oil and gas company based in Calgary. Mr. French’s educational background includes a Bachelor’s degree in Mechanical Engineering from Rice University as well as an MBA from Harvard Business School. The Obsidian Chief’s commitment to the company’s future can be seen in the multiple projects currently operating the Alberta providence.
One of the more notable operations is the Peace River location which is a joint venture with China Investment Corporation. The peace river operation produces 4,823 boe per day and has a netback of $23/boe.
The foundation of the Obsidian Energy portfolio is the Cardium operation producing 18,876 boe per day. The Cardium operation is notable for its waterflood approach which maintains reservoir pressure. The result? A significantly reduced decline rate on new wells. That means Obsidian Energy can operate this location with a favorable $20/boe netback rate.
The third operation in the Obsidian Energy portfolio is the Alberta Viking location where Obsidian leverages its infrastructure ownership to operate at a lower cost. The Albert Viking location is an example of Obsidian using its infrastructure advantage to bring more shareholder value to the company.
Obsidian Energy is using their three operating locations to produce more at the lower cost. With a committed management team and an entrepreneurial approach, Obsidian Energy is a company to watch going into 2018.
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