Obsidian Energy has finally emerged from the restructuring of what once was Penn West of Canada, with the final piece of their new management team now in place. Obsidian realized a few years back that they could not continue under the old business model because of too many products that were not producing enough cash flow to sustain operations. They had a significant employee roster working on the multiple product lines as well, meaning that profit margins were practically non-existent. The company was also heavily leveraged with debt because of credit lines needed to properly fund these burdensome operations. The decision was made by shareholders to change the business focus, including adding a complete new management team over a short course of time. Check Out This Article.
CFO David Hendry
When corporations face balance sheet problems, the best place to begin reformation is with a financial professional. David Henry was the individual Penn West chose in April 2015. This began the process of reassessing the financial picture and determining to make the company a streamlined sustainable operation. Henry had previously served as Vice President at Talisman Energy. He began as an accountant, but was promoted to CFO at the beginning of the company transition period.
Vice President Tony Berthelet
Tony began as a General Manager in December 2014 and was promoted to VP of Development & Operations in June 2016. He has over 20 years’ experience in the energy industry, having worked previously as field level management for several other energy companies in Canada.
Vice President Andrew Sweerts
Andrew Sweerts joined the Obsidian Energy management team in June 2014 and served as VP of Business Development & Production until February 2017. Andrew had formerly held positions with Marathon Oil of Canada, Western Oil Sands LP, and Suncor Energy, bringing significant amount of experience to the group.
President and CEO David L. French
Last, but certainly not least, is David L. French. David is the newest addition to the Obsidian Energy management team, bringing leadership experience as President and CEO
of Bankers Petroleum LTD. David French has a wide range of prior experience in Europe and the United States, having been educated at Rice University and Harvard Business School.
President French recently announced that under his leadership since October 2016 the company has discharged all of the outstanding debt left from the Penn West changeover. Obsidian Energy is now on course to fulfill the company mission of reducing product lines and increasing cash flow for a leaner and more stable company operation.