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What Drove The Obsidian Energy (OBELF) Stock Up 7%?

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Obsidian Energy Ltd. (OTCQX: OBELF) surged 7.48% to $3.1600 at yesterday’s close. The Obsidian Energy stock volume was 592.41K, compared with its daily average volume of 303.88K. OBELF stock rose after changes in board of directors were announced.

What changes have been made by OBELF?

In addition to developing its oil and natural gas properties, Obsidian Energy Ltd. also explores, produces, and distributes natural gas. Oil and gas producer OBELF produces over 25,000 barrels of oil equivalent per day from a portfolio of assets with a well-balanced value chain.

OBELF has built its organization around these assets, providing the right platform for delivering bottom-line results, as well as a spirit of entrepreneurship that will enable it to succeed. In June 2017, the company changed its name from Penn West Petroleum Ltd. to Obsidian Energy Ltd. The company is headquartered in Calgary, Canada.

The board of directors of Obsidian Energy announced on Monday the resignation of Maureen Cormier Jackson and William (Bill) Friley.

  • Friley joined the Board in 2015 and Ms. Cormier Jackson joined in 2016.
  • During their tenures on OBELF’s Board, Cormier and Friley have contributed to the growth of the organization in invaluable ways.
  • Human Resource, Governance & Compensation Committee was chaired by Ms. Cormier.
  • At OBELF’s Board of Directors, Mr. Friley chaired the Operations and Reserves Committee.
  • During OBELF’s transformational phase, they played pivotal roles, serving with the highest standards of integrity and commitment.
  • Friley and Ms. Cormier Jackson have resigned and will not stand or be nominated in the upcoming Annual and Special Meeting on June 16, 2021.

What has the OBELF Board decided?

Obsidian Energy (OBELF) has decreased the number of candidates from eight to six for the election of directors at the Meeting. A total of six directors will be elected at the Meeting, as identified in the OBELF’s management information circular and proxy statement dated April 30, 2021. As a result of these events, the form of proxy or voting instruction form provided by OBELF to shareholders, as well as any proxy or voting instruction form that has already been submitted, will remain valid.

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