Obsidian Energy, formerly Penn West Petroleum, is a gas and oil producer in the energy sector of investments that has shown impressive gains this last quarter. It is located in Calgary, Canada. The company showed increasingly exciting growth in the third quarter of the last year. The CEO David French recently addressed the wells that were discovered in the Rocky Mountains of Western Canada. In that comment, Finch added that there are three million acres of land included in that region. This is encouraging news for the energy community.
Obsidian Energy had begun exploration in the area just this past year. The results of that exploration have been promising. So afar three wells have been created that have produced 2,000 barrels of product per day. This equals 60 barrels of energy in the form of oil each day. That has far exceeded the expectation which the company had prior to exploration. Using that information more exploration has been planned for the coming year.
Other projects of the company have been equally promising in their results. These projects have some encouraging promise for the coming year. They will be further explored to find out the energy production potential they hold. Here are some of those areas.
– Pembina Cardium
– Alberta Viking
These wells combined with the production from last year will help Obsidian Energy reach their goals. This information has led the company to forecast an increase of 5% for 2018 and increase other projects that are in the works this year as well. All of this also depends on the commodities market in energy this coming year. The budget for the year is set at $135 million. This projection is based on the portfolio of the company’s assets. Visit This Page for more information.
All of this information promises an exciting new future for the company. Further exploration and expansion along with the new growth make this coming 2018 a year that offers Obsidian Energy exciting promise as an investment option.