Obsidian Energy Ltd.

Obsidian Energy Ltd.

Obsidian Energy Ltd.

Date Founded



Penn West Plaza,207-9th Avenue SW,Suite 200,Calgary, AB T2P 1K3

Type of Company


Employees (Worldwide)



Oil & Gas

Company Description

Penn West is one of the largest conventional oil and natural gas producers in Canada. Penn West operates a significant portfolio of opportunities with a dominant position in light oil in Canada. Based in Calgary, Alberta, Penn West operates throughout western Canada on a land base encompassing nearly six million acres. Penn West is an actively managed company with a large and diversified asset portfolio, experienced and specialized technical teams, and an extensive inventory of internal opportunities. Penn West is well positioned to create long-term value for shareholders through a high-quality, long-life asset base, strong balance sheet and experienced management team.

In The News
The Globe and Mail (Canada)
February 14, 2018
News Bites Canadian Markets
February 1, 2018
Obsidian Energy Announces Legacy Asset Disposition
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Executives & Employees

President & Chief Executive Officer

Chief Financial Officer

Vice President-Development & Operations

Vice President, Business Development & Commercial

Vice President, Production & Technical Services

Secretary & Senior Counsel

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Board of Directors

President & Chief Executive Officer at West Canadian Digital Imaging, Inc.

Former Managing Director & Head of the Global E&P Energy Group at RBC Capital Markets LLC

President & Chief Executive Officer at Obsidian Energy Ltd.

Partner at Novo Investment Group Ltd.

Former Managing Partner, Western Canada at PricewaterhouseCoopers LLP

Former Chairman, President & Chief Executive Officer at Triumph Energy Corp.

Former Vice President at Suncor Energy, Inc.

Former Managing Director at Credit Suisse Holdings (USA), Inc.

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Owners & Shareholders
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FrontFour Capital Group invests primarily on a long basis and opportunistically on a short basis in U.S. and Canadian equity and fixed income securities, with a focus on event-driven value-oriented investments. They employ extensive bottom-up fundamental research and analysis to identify and purchase long positions in securities they believe to be undervalued by the marketplace. In addition, in order to isolate events, minimize risk or increase portfolio performance, FrontFour Capital Group seeks to identify and sell short securities they believe to be overvalued or have the potential to mitigate risk. They may also invest in securities of distressed or bankrupt companies. Their investment strategy is opportunistic and flexible in nature. FrontFour Capital Group is an activist firm and is included in the SharkWatch50 as one the 50 most prominent activist investors.

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Contrarius Investment Management Ltd. is an active, contrarian manager which aims to create long-term wealth for clients by buying stocks they believe are trading below their intrinsic value and which are attractive relative to other opportunities. They follow a valuation-based investment approach, performing proprietary bottom-up research which seeks to determine the intrinsic value of an investment. The firm sells stocks when they believe they have reached their underlying intrinsic value or when they are less attractive than other opportunities, aiming to avoid the permanent loss which can result from continuing to hold a stock that ultimately corrects to fair value. Contrarius takes a long-term approach to investing, with a typical investment horizon of four years, believing that the ability to outperform in the long-term is largely determined by focusing on the long-term value of a business rather than short-term news flow.

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Proxima Capital Management seeks to achieve superior absolute returns on a risk-adjusted basis by investing primarily in equity securities and, to a lesser extent, in a variety of domestic and international securities, such as debt securities (including high-yield and distressed debt), warrants, rights, options, swaps, preferred stocks, convertible securities, publicly-traded MLPs, currencies, and money market obligations. The firm's investment strategy focuses on complex situations where traditional valuation methods are not appropriate or feasible. They seek to identify and take positions in special situation securities that are frequently misunderstood and inefficiently priced by the markets, and where they believe that the differences between the fair value and the market price will likely be eliminated over time. Proxima Capital may take long or short positions in equities or other securities where they believe the price-to-value gap will close over time based on fundamental changes in the business or the market. The firm performs fundamental analysis by developing an understanding of the situation and value drivers and performing field research to quantify any mispricings. Proxima Capital may sell securities short both to protect clients against a declining market and to identify profit opportunities for their clients.

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Recent Transactions
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Obsidian Energy Ltd. purchases Cordova Gas Resources Ltd. from Mitsubishi Corporation

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Teine Energy Ltd. purchases Penn West Petroleum Ltd. /Saskatchewan Assets from Obsidian Energy Ltd.

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Freehold Royalties Ltd. purchases Penn West Petroleum Ltd. /Saskatchewan Oil Fields from Obsidian Energy Ltd.

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Transaction Advisors
Legal Advisor

Advised onObsidian Energy Ltd., Penn West Energy Trust purchase C1 Energy Ltd.

Investment Advisor

Advised onTeine Energy Ltd. purchases Penn West Petroleum Ltd. /Saskatchewan Assets from Obsidian Energy Ltd.

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Key Stats and Financials As of 2016
Market Capitalization
Total Enterprise Value
Earnings Per Share
Enterprise Value Sales
Enterprise Value EBITDAOperating
TEVNet Income
Debt TEV
Net Profit
Total Debt
Total Equity
Three Year Compounded Annual Growth Rate Of Revenue
Five Year Compounded Annual Growth Rate Of Revenue
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