Obsidian Energy Appoints Interim President and CEO
Michael J. Faust has been Interim President and CEO, at Obsidian Energy Ltd., effective March 18, 2019 for a period of 12 months with an optional six-month extension. He succeeds David French, who will step down effective March 29, 2019.
"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."
Faust has been a member of Obsidian's Board of Directors 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. He previously served as Vice President, Exploration and Land at ConocoPhillips Canada Ltd. and ConocoPhillips Alaska, Inc., prior to his retirement in January 2017.
"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 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."
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. He is a Certified Petroleum Geologist and a member of the American Association of Petroleum Geologists, and the Society of Exploration Geophysicists.