Category Archives: Power

Talos Energy Enters Into Historic Contract In Mexico

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For eight decades Mexico has only allowed its state-owned oil company the ability to drill for oil in their offshore waters. This policy has now been overturned and they are allowing not only a domestic company to be involved in a new oil well but two foreign companies as well. The Mexican firm is Sierra Oil & Gas. The two foreign companies are Talos Energy LLC of Houston, Texas, and Premier Oil Plc headquartered in London, England.

This new oil well, named Zama-1, is located offshore of Tabasco state. It is in the Sureste Basin which is believed to hold anywhere from 100-500 million barrels of crude. Premier Oil is responsible for the drilling aspect of this partnership and they said that it could take up to 90 days to get this part of the project completed. Drilling operations will cost Premier Oil approximately $16 million if everything goes as expected. Once this work is completed Sierra Oil & Gas and Talos Energy will partner on working the well.

Talos Energy was established about six years ago. It was started with $600 million that the founders had raised from a previous venture in the oil and gas industry. They focus on discovering oil in the Gulf Coast and employ around 120 people, many of them engineers and geologists. It is small business which was named by WorkplaceDynamics as one of the best places to work in Houston, Texas. One of the founders of this company, Tim Duncan, has said that they offer their employees a stake in the company so that if the company does well so do they which really motivates people.

Ash Shepherd is the commercial manager of Talos Energy’s Mexico operations. He was named in October 2016 as an executive on the prestigious Thirty Under 40 list. He was the person who had signed the agreements to start Talos Energy’s involvement in Mexico’s oil industry. He started out at Talos Energy in 2014 when he was one of their legal advisors and a senior land advisor. He once worked for the U.S. Department of Energy which is where he started his professional career.

Canadian Energy Company Obsidian Energy Looks to the Future

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One of the most well-known energy companies in Canada is an oil and gas producer called Obsidian Energy. Obsidian Energy is an energy company that is rather medium sized. 30,000 boe is the average amount that it produces on a daily basis. In addition to having some impressive, high-quality assets inside its portfolio, Obsidian Energy’s portfolio is also one of the most well-balanced ones in its industry. Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves.

 

This company, however, wasn’t always called Obsidian Energy. In the past, it used to operate under its first name, which was Penn West Petroleum Ltd. There were a few primary reasons for the changing of Penn West Petroleum’s name. The most obvious reason, however, is the fact that there were many changes within the organization, and most of these were of a structural nature. Since these changes influenced every part of the business’s operations, finding a new name for the brand was proposed.

 

After the organization’s shareholders voted for changing the company’s name by a massive 92 percent margin, Penn West Petroleum Ltd. became the company we now know as Obsidian Energy on June 26th, 2017.

 

According to the CEO of Obsidian Energy, David L. French, this specific name was chosen for its unique meaning. Obsidian is, in nature, a form of volcanic rock that has the capacity to become “sharpened and honed.” Sharping and honing the organization is exactly what David L. French hopes to to with his leadership. Click Here to learn more.

 

His goal for the Canadian energy company is to see it grow by a modest amount over the next handful of years. During this period, Obsidian Energy’s spending budgets will also be determined by the ever-fluctuating prices of both oil and natural gas.

 

Obsidian is now at a unique point in its history. With a new name, a new goal, and the strongest, leanest organization it has ever had, many onlookers will be excited to watch the company’s moves throughout the coming years.

 

View Source: https://en.wikipedia.org/wiki/Obsidian_Energy

Adam Milstein Speaks about anti-Semitism

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Adam Milstein has become a frequent contributor to the Jewish News Syndicate where he has written a number of articles. The latest article by Adam Milstein was published on seventh February 2018, and it touches on vicious anti-Semitism. According to Adam Milstein, anti-Semitism is now on the rise and is also affecting the radical left. Mr. Milstein also said that anti-Semitism had become a cornerstone of several radical Muslim movements that have been on the rise for the last few years. Mr. Milstein wrote that together with the radical right, Radical Muslim movements together with the radical left form the three well-known sources of the so-called anti-Semitism. However, they all originate from different traditions, but this has not prevented the three from sharing ideas. They continue to share tactics, and this ensures that racism, bigotry and hatred is on the rise. For instance, Mr. Milstein noted that a combination of radical leftists and radical Muslim at work is being witnessed in North America. However, this was only being experienced in Europe and the Middle East in the past. Some of the issues that Adam Milstein touched on were abhorred feminism, abuse of human rights as well as executing gays and stoning women.

On a normal day, these are things that the far left should oppose. However, they have been blindfolded by other issues which make them support anti-Semitism. The far lefts are people who are opposed to freedom of speech, pluralistic nationalism as well as hatred for Western influence around the World. Mr. Milstein has built a name for himself as a philanthropist and real estate investor. He is also a managing partner at a company that he established many years ago. The firm is known as Hager Pacific Properties. In the field of Philanthropy, Adam Milstein is involved with an organization known as Adam and Gila Milstein Family Foundation. He has three children from his marriage with Gila Milstein. The two met while serving in the Israeli Defense Forces. At the moment, Adam Milstein lives in the State of California at a place known as Encino. He joined the Israeli Defense Forces back in 1971.

https://ideamensch.com/adam-milstein/

 

Obsidian Energy – Reemerging Stronger and Leaner

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Obsidian Energy Limited is based on discipline, resolute accountability to partners, shareholders and to the local communities. This is an intermediate-sized producer of gas and oil producing about 30,000 barrels of oil equivalent (boe) per day backed by a well-balanced portfolio of assets.

 

Recent Changes

In June this year, shareholders passed a resolution to change the name to Obsidian Energy Ltd from Penn West. According to the CEO, Dave French, the company opted for this name as it represents volcanic glass that is naturally occurring, and which can “sharpened and honed.” As significant changes were felt throughout the organization, this has redefined the Company and its future outlook.

 

As Obsidian begins a new chapter, it is hoped that the new changes will guide the Company along 3-principles:

 

Disciplined decision-making towards building and protecting enterprise value.

  • Continued pursuit of innovation and progress.
  • Transparent and accountable efforts.

 

The corporate name change from Penn West Petroleum comes after the Company survived a commodity price crash, a potentially damaging accounting scandal, and a severe debt crisis. The scandal had led to class-action lawsuits which were only settled in 2015.

 

Obsidian initiated several asset sales allowing the Company to cut the net debt witnessed at the close of 2013 of nearly $3 billion to $384 million by close of March 2017.

 

The Future

According to David French, President and CEO, the company has a healthy balance sheet, the right assets, and a well-thought-out hedging strategy allowing it to set a performance standard even when operating in lower price market environments. Go To This Page for more information.

 

Obsidian Energy Limited is now a comparatively big enterprise with production of about 28,000-30,000 boe per day this year, down from the 2013 figure of 135,000 barrels of oil per day. As at the close of 2016, the Company listed 407 employees against the 1,415-figure recorded 3-years earlier.

 

Conclusion

Over the coming 3 years, the Company plans on pursuing modest growth with their budgets tightly linked to gas and oil prices. With the latest name change and tight financial measures, Obsidian Energy has reemerged learner, stronger and more capable than it was ever before. 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).

See: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-shareholders-approve-name-change-to-obsidian-energy/article35463586/?ref=http://www.theglobeandmail.com&

A Vibrant Oil And Gas Producer, Obsidian Energy

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Obsidian Energy is a leading medium-sized oil and gas producing company. The company currently produces about 30,000 barrels of oil and gas per day. The company derives its reputation from the high-quality assets and first class producing. Obsidian Energy’s assets are a platform for the company to produce solid net income results.

 

The company relies on the innovative spirit of its employees to deliver in the highly developing industry. The driving forces of Obsidian include discipline, persistent spirit and accountability to the partners of the company.

 

Obsidian Energy was previously referred to as Penn West Petroleum. 92% of the company’s shareholders voted in favor of changing the company’s name to Obsidian Energy. The name change came with a set of strategies that were put in place to ensure growth in the coming years. The Company’s CEO stated that Obsidian was chosen as the company name as it is a naturally occurring volcanic glass which can be honed and refined.

 

Obsidian Energy’s production is aided by its Peace Rivers Maneuvers by 90%. The aid is expected to end in 2017. The end is expected to downgrade production by 6%. The company has promising book and stock values. However, the values might be affected by the oil prices used for reserve valuation and impairment tests. Averagely, Obsidian Energy is priced for $40. However, it can approximately have a double upside with $55 longstanding oil.

 

In its Analyst Day presentation, Obsidian energy indicated that it could ensure a 6% growth in production in the period between 2017 and 2021. As Dave French states, Obsidian Energy has a solid placement and high-quality assets. With a well-balanced portfolio and a practical strategy, the company can set an incredible performance standard even in low oil and gas prices. Click Here For More Information

 

Obsidian Energy works with gas and oil fields that are located in Alberta which is located the Sedimentary basin in Western Canada. Western Canadian sedimentary basin is known for the petroleum resources that have been named as the world’s best, the Company’s total production in 2017 is expected to be 30 000 barrels per day.

 

Related: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

Penn West Downsizes and Changes Name to Obsidian Energy

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In June 2017, Penn West Petroleum changed its name to Obsidian Energy. Obsidian Energy now aims at being accountable to its stakeholders including the shareholders, partners and the public based in the areas they operate in. The oil and gas production company commit to attaining growth in the coming years by being keen interest in their budgeting needs especially concerning the cost of oil and gas.

 

The change of name comes as no surprise following the scandal that rocked Penn West in 2014. At the time, David Dyck, the company’s newly appointed chief financial officer, discovered irregularities at the institution and reported them. The error had $300 million in expenses miss-classified, which forced the company to restate its 2012, 2013 and part of 2014 financial reports. This resulted in lawsuits based on accounting irregularities in Canada and class-action lawsuits in the United States.

 

Other than surviving this scandal, the company also survived a commodity price crash and four years of high debts, which saw it go through both financial and operational difficulties. To sail through the turbulent times, Penn West made asset sales. The disposal of its assets helped to bring down the net debt to just $384 million down from three $3 billion.

 

The company also reduced its workforce starting in 2012. This undertaking saw the number of employees decline from 1,415 to around 400 by the end of 2016. There was a halt in the payment of dividends, and members of the board of directors went without compensation. Click Here for more information.

 

The 26th June change of name came into effect after 92 percent of the shareholders voted for a change of name. With Obsidian undergoing these massive changes, it was imminent for the company to distance itself from the four years strain and mishaps to give it a facelift.

 

Obsidian Energy is now an oil and natural gas production company based in Calgary, Alberta. Its gas and oil fields are found in one of the world’s largest petroleum reserves in Alberta. In a day, it has an estimated production of 30, 000 barrels of oil.

 

See: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy

Achievements Of Obsidian Energy Company

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Obsidian Energy Company; formerly Penn West Petroleum Ltd, has set an exemplary standard for other energy companies. Despite it being a private firm, it has dramatically improved the economic status and other life aspects of life in Canada. The exportation of renewable energy resources has increased the states’ revenue to a great extent. The highest consumption of energy resources has dramatically realized.

 

Obsidian Energy Company has the most significant number of employees. The open up of more energy sub-station by the company has enabled easy access to energy services. The living standards of the society have improved due to the accessibility of affordable, sustainable energy resources.

 

The company always seeks to ensure efficient energy supply as well as the safe and clean environment. The production of natural renewable energy has enabled the state to attain a green economy. It has reduced the carbon emissions and harmful element to the environment.

Obsidian has also managed to supply energy resources and services to nearly all cities in the United States. The company has kept on setting up more energy sub-station every year for their services to reach all parts of the nation. The Obsidian Energy Company creates awareness about their energy services, products, and their location through advertisement in Social Medias. Additionally, the company organizes empowerment programs where the societies get to learn more about the Obsidian Energy Company.

 

Obsidian Energy Company allows their customer to purchase their products such as energy devices and appliances on installments basis. The company in attaining its mission of reaching all part of the nation will enable customers to buy its products and services at agreed payments. The low-income customers can access the energy resources on installments.

 

The company has a research department where the executive team in the Obsidian Energy firm keeps on researching advancing technology. The company also allows other investors and researchers to carry out their researches within the research. The finding from the conducted research has benefitted the company through the advanced use of technology, innovations, and attainment of a green economy.  Read This Page to learn more.

 

In conclusion, Obsidian Energy Company has greatly contributed to the well-being of all life aspects of the Unites States. The company is one of the backbones of the current flourishing economic growth.

Impacts of Obsidian Energy Company to The Economy

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Introduction

Obsidian Energy, formerly Penn West Petroleum Ltd, is one of the leading companies in the production of oil and natural gas. The growth of Obsidian energy has dramatically impacted to the economy of the United States as well as to the Canada community. The sustainable energy production in Obsidian Energy Company has positively affected all aspects of life in the country.

 

Economic Growth

Then Obsidian Energy Company produces environmentally friendly natural gas and oil. These types of energy are sustainable, affordable and accessible. Therefore, reducing the general cost of living. When the cost of living is low the economy of a nation goes high enabling the country to venture into other investment projects that generate more revenue. The state also receives foreign exchange through exportation of the energy products from Obsidian Energy Company thus increasing the economic growth in return.

 

Poverty Eradication

Obsidian Energy Company has also contributed to poverty eradication in the nation. The availability of affordable energy resources gives all an equal opportunity to meet their basic needs. The energy resources help facilitates the provision of necessities in the house. For example, energy helps in cooking, lighting, communication among other things. Obsidian Energy Company has created job opportunities to a good percentage of the unemployed. The ability to access energy resources and creation of job opportunities has led to improved living standards and reduced crime rates.

See This Page for more information.

 

Industrialization

The production of long-term energy resources in the Obsidian Energy has led to the growth of more industries. Investors and entrepreneur can access energy resources to help in facilitating the manufacturing and processing activities in their firm. Obsidian Energy Company also supplies industries with modern devices to connect with the energy sources. The uses of modern technology, therefore, grow rapidly. Consequently, the industries import items from developing countries, process them using their advanced technology and export them back at a higher charging rate. The continuous consumption energy has also ensured the stability of Obsidian Energy Company as well as that of the industries.

 

In conclusion, Obsidian Energy Company is the backbone of the well-being of all life aspects in the United States, both economically and socially.