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Calgary, Alberta – OBSIDIAN ENERGY LTD. ( TSX: OBE ) ( OTCQX: OBELF ) (“ Obsidian Energy “, the “ Company “, “ we “, “ us ” or “ our “) is pleased to announce its independent reserves evaluation for the year ended December 31, 2020, prepared by Sproule Associates Limited (“ Sproule “). “We’re extremely pleased with our reserves results in 2020,” said Stephen Loukas, Obsidian Energy’s Interim President and CEO. “It was a challenging year with extreme oil price volatility impacting all aspects of our business. Despite this environment, our team continued to deliver strong results by drilling some of the most prolific wells in the Cardium that the Company has seen to date. Due to a combination of our deep Cardium inventory and continued cost efficiency gains, we achieved our fourth straight year of greater than 100 percent reserve replacement on total proved reserves and total proved plus probable reserves despite the significantly lower commodity price environment.” HIGHLIGHTS On a corporate basis, we replaced 64% of 2020 production (prior to asset divestitures) on a proved developed producing (“ PDP “) basis, 113% on a total proved reserves (“ 1P “) basis and 125% on a […]
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