Obsidian Energy once tried to bend the rules of reporting their earnings, according to the stock trading block, Seeking Alpha. The company could not and did not avoid this accusation. The former management of the company quickly left. The new executives brought in to replace the ones who left did not commit the error. Despite the new crop of executives not committing the error that led to the reporting irregularities, the Securities and Exchange Commission insisted the company pay the $8.5 million dollar fine levied against them. The company paid the fine because there was little else they could do in that situation.
The Seeking Alpha blogger accuses the Canadian Securities and Exchange Commission of bullying the company into paying this fine. He believes the fine itself would be fine, as companies need to be held accountable for their actions. However, the SEC did not seem to be satisfied with making the company pay the fine. The company wanted the executives to publicly promise that Obsidian Energy would never make the same mistake again. The new executives did so, seeing no other options. It just seemed to be the easiest way to deal with the problem facing them. See This Page to learn more.
The problem has been resolved, but it does not seem to have hurt the company. Its stock prices continue to go up. Whether or not the SEC will return to hound the company again later is unknown, but it seems unlikely. Investors continue to trust Obsidian stock, and their employees work to make sure Canada and other countries have the supplies people need to cook their food and heat their homes. The company does not limit itself to oil only. It also delivers natural gas and other clean energy sources that help power the modern world and protect the environment for future generations. The Obsidian Energy 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 Also: http://boereport.com/2017/06/26/penn-west-changes-name-to-obsidian-energy-ltd-and-announces-voting-results-from-the-2017-annual-and-special-meeting-of-shareholders/
Obsidian Energy is a mid-sized oil and gas producer. Obsidian’s high-quality assets and commitment to bottom-line results has netted the company nearly thirty thousand boe a year. Its entrepreneurial spirit and relentless passion is what gives the company the drive to succeed. Its disciplined workforce helps the company speed up its organizational needs and growth. Being a company of accountability is also important for Obsidian Energy, both to its shareholders and to the communities at large. This should make every shareholder happy, I would think. As well, as the communities in which the company works in. Succeeding in an ever-evolving industry is at the forefront for Obsidian Energy.
David French who took over as CEO of Obsidian Energy has already made a clear and lasting impact on the company. He has spearheaded a total reorganization of the company from the top to the bottom and streamlined its operations. He has eliminated the majority of the company’s debt from three billion dollars, down to only just under three hundred and ninety million dollars. That is very impressive in my opinion. He has established the company on a path to sustainability, focusing the company’s operation on only a handful of the company’s portfolio of assets. He has also streamline employment at the company to a steady three to four hundred workers. With all of the changes that have been made David French found that the company no longer fit the old Penn West Petroleum name, and set out to change it. He was able to garner the support of nearly ninety two percent of its shareholders. With this in mind the name was changed to Obsidian Energy. Obsidian was named after the volcanic glass that can be sharpened and honed. Read This Article for related information.
David French is no stranger to the oil and gas industry. He previously worked for Bankers Petroleum. He has also been part of management or served as consultant to companies such as Apache Corporation and McKinsey and Company. He also holds a Bachelors and a MBA. I don’t think the company could have found a more qualified individual to run Obsidian Energy.
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Mike Baur’s background in finance creates the perfect groundwork for would-be entrepreneurs. He understands all the financial “ins and outs” of starting up a business. He has seen many businesses through the various steps to success. After twenty years in the banking industry he wants to share that financial expertise to help entrepreneurs achieve their dreams.
The Swiss Startup Factory concept was the brainchild of the collaboration between Baur, Max Meister and Oliver Walzer. The men realized that many would-be entrepreneurs were really struggling in launching their dreams. Baur had seen many of these entrepreneurs through his time at UBS and at Clariden Leu as a wealth management expert. The amount of red tape that many of these entrepreneurs would have to go through to get financial help was staggering.
One of the biggest obstacles Baur knew deterred young entrepreneurs was the lack of training. Some also lacked mentors to show them what to avoid when starting a business. Baur was especially drawn to technical entrepreneurs. It was their dreams to create a better world that intrigued him. He decided early on that the startup factory would concentrate on technical startups.
Technical startups would have a better chance for success. Baur set up an independent incubator that entrepreneurs could use to start their business. The incubator would provide the seed money needed to create and test the products commercially. It would also give would-be entrepreneurs opportunities to network with other tech entrepreneurs.
Swiss Startup Factory’s vision is one that now provides any startup with the resources they need to get started. It is important to understand the scope of this vision. It just doesn’t focus on technology, although technology is still pretty much a part of the overall operation. It now performs as an accelerator for would-be entrepreneurs in a variety of industries. The basic premise is to provide entrepreneurs with what they call a 360 degree service.
Education is a key element in the Accelerator process. The 360 degree service provides pre-accelerator services such as coaching and market research. Once the entrepreneur is ready to pursue their dream and have a solid foundation, then there are accelerator programs that test the products attributes and readiness for the market.
Mature businesses that are already in the market can also benefit from the accelerator programs to grow new products and services. The Swiss Startup Factor is creating dreams for the future.
Bob Reina is the type of person that is very good to know if someone is looking to change their life for the better. A lot of people talk about it, discuss it, and maybe even pine over it, but they don’t know where to start or how to begin. That is where Bob Reina comes in with his company Talk Fusion, the video communications service, as they show them the ropes. When researching Bob Reina, it is hard not to see that he has an honest face and he is a caring individual with the biggest heart a CEO has ever had. He is most definitely in this for the right reasons.
Talk Fusion is just a new way of life. For so long, people thought they were stuck in 9-5 jobs and they had no way out, whatsoever. They had to work their jobs, take a lot of nonsense from their bosses, and they had no other options. The idea of working from home, being self-employed, or even running their own business is not something that really crossed their mind. Now, times have changed for the better. When customers use Bob Reina’s Talk Fusion, they are getting a top of the line product with a lot of video features to get their company up and running. Learn more: http://inspirery.com/bob-reina/
Once it is up and running, Bob Reina does not stop there. He keeps it going for the customers. He wants to see it go to another level for them. He wants them to be as happy as humanely possible. This is not just something where they sign up and they are left with a lot of questions and not many answers. They are there with them like a best friend in their corner. They will help them navigate through all of this and make it as simple as possible.
This way, they can simply use their instincts, have fun, and see the business grow. That is what it is all about for the customer: using their instincts. They don’t have to think so much and worry so much. They can just be themselves.