The New Year has brought along a new face to Obsidian Energy Ltd. with the appointment of Mr. Ed Kernaghan to the Board of Directors. Kernaghan is no stranger to the company, having been a long-term shareholder and comes to the board with nearly 15 years of experience in finance.
Prior to this new change, Kernaghan was the Executive Vice President at Kernaghan Securities, which he and his father, Ted Kernaghan, began nearly a decade ago. Along with being a member of the Board of Directors at Obsidian Energy, he will maintain his role as a partner at brokerage firm Kernaghan & Partners and also as president of Kernwood Limited.
Kernaghan’s appointment to the board is just one of many changes in the last year that has seen a company name change as well as a complete overhaul of the board membership. In the 2017 Annual Meeting of Shareholders, and with the support of over 90% of members, name change from Penn West to Obsidian Energy was approved. Also during this meeting, board members strongly supported changes ranging from a non-binding advisory vote to a reduction of share capital.
The name change from Penn West to Obsidian Energy marks what the entire board of directors and staff see as the “last step in [their] transformation”. Obsidian Energy is a Canadian oil and natural gas company headquartered in Calgary while serving Western Canada. Prior to a rebranding and restructuring, its predecessor successfully navigated a storm impacting the oil industry, which in recent years saw the influx in crude oil prices. Ed Kernaghan of the Board of Directors said, “I am excited for what the future holds as Obsidian Energy executes its business plan and am eager to support and advise on management and the Board’s current strategy.”
With a fresh face and outlook Kernaghan is a welcome addition to a company that aspires to continue its massive growth and achieve once again or even exceeds its status of having a market capitalization of nearly $10 billion. Obsidian Energy maintains a well-balanced portfolio that focuses on customization and specialization, as well three principles that Obsidian CEO David French has promoted — that of transparency, innovation, and accountability.
Obsidian’s business practices demonstrate that the company is committed to ensuring that the communities and areas where they work are minimally impacted. Its business governance promotes transparency while also ensuring an understanding of how the company culture benefits employees, shareholders, and customers. Obsidian has experienced a paradigm shift to a raised standard of service and excellence in responsibility, which has taken them to a more personable approach. This includes enhancing the frequency and quality of communication with stakeholders and other parties who are impacted by Obsidian’s business operations.
Obsidian Energy is a dynamic company taking steps to focus on the values that shaped the company when their success started nearly thirty years ago. Their focus was and continues to be on achieving their business margins in-house and demonstrating to both existing and potential shareholders that they are worth the investment.
This focus and attention to their stakeholders means allowing for open communication, transparency and genuine interest. Obsidian Energy understands their role and impact both on the environment and their clients through their daily operations. As a result Obsidian is striving to be a company that offers quality services while maintaining a vision for the future.
In a recent TSX interview, David Price highlighted the recent successes of Obsidian: “Over the last several years, our company has been through a number of extraordinary transformation from top to bottom in terms of the size and scale and how we work. From the assets we hold we have gone from 30 different operating areas down to three… and from the people — we have in terms of focusing and picking people who are so dedicated.”
The future looks bright for Obsidian Energy, as President and CEO David French looks to start the company on the right foot this New Year with new projects and new collaboration with investors and business ventures.