CALGARY, Dec. 17, 2018 /CNW/ – OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) (“ Obsidian Energy “, the “ Company “, “ we “, “ us ” or “ our “) announces that its semi-annual borrowing base redetermination has resulted in a $30 million increase to its syndicated credit facility to $470 million. Additionally, Obsidian Energy provides an update on our latest Cardium drilling activity. Increased Syndicated Credit Facility The Company has a reserve-based syndicated credit facility, with an underlying borrowing base of $550 million, less the amount of outstanding pari passu senior notes. The increase in the syndicated credit facility from $440 million to $470 million is primarily due to the July 2018 retirement of an outstanding Pound Sterling cross currency swap. The reserve-based syndicated credit facility is subject to a semi-annual borrowing base redetermination in May and November of each year. Cardium Drilling Program Update Obsidian Energy is pleased to report that our second half 2018 Cardium program is proceeding ahead of schedule and under budget. Additionally, well deliverability is meeting our updated type-curves as presented during our recent Investor Day. We now expect to have 10 wells on production prior to the end of […]
