CALGARY, March 7, 2019 /PRNewswire/ - OBSIDIAN ENERGY LTD.
(TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the
"Company", "we", "us" or "our") today
announced the appointment of Michael J.
Faust as interim President and CEO, effective March 18, 2019 for a period of twelve months with
an optional six-month extension. Mr. Faust will succeed current
President and CEO, David French, who
will step down from the Company effective March 29, 2019. Mr. French will not stand for
reelection as a director at the Company's Annual General
Meeting.
Mr. Faust has been a member of Obsidian's Board of Directors
("Board") since April 6, 2018.
He has 35 years' experience within the oil and gas sector,
including diverse geological, geophysical and technical reservoir
experience spanning many different basins and formations throughout
the world. Mr. Faust previously served as Vice President,
Exploration and Land at ConocoPhillips Canada Ltd. and
ConocoPhillips Alaska, Inc., prior to his retirement in January
2017.
"Mike's strong leadership and technical skills will be a great
asset as we sharpen our focus on developing Obsidian's world-class
Cardium assets," said Gord Ritchie, Chair of the Board. "The Board
and I are confident that with Mike's leadership we can make
uninterrupted progress on executing our strategic plan for
2019."
"I have been extremely impressed by Obsidian Energy's staff
as well as their enviable acreage position in the Cardium and
believe the drilling results in the back half of 2018 indicate
that we are on the right track," said Mr. Faust. "My goal is
to build on that momentum and continue the work of establishing
Obsidian as a leading Cardium-focused company with a strong balance
sheet and superior growth prospects."
Mr. Faust has a Master of Arts degree in Geophysics from the
University of Texas and a Bachelor of
Science degree in Geology from the University
of Washington. Mr. Faust is a Certified Petroleum Geologist
and a member of the American Association of Petroleum Geologists,
and the Society of Exploration Geophysicists.
The Company also announced that it is bringing Development and
Operations together under one department lead, Aaron Smith, to further streamline
decision-making and enhance efficiencies. Mr. Smith will assume the
position of Senior Vice President of Development and Operations.
Mr. Smith joined the Company in July
2018 and brings over 20 years of engineering expertise
across a broad range of technical and leadership roles. He has
played an instrumental role in the recent success of the Company's
drilling program.
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SOURCE Obsidian Energy Ltd.
