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Calgary, Alberta – OBSIDIAN ENERGY LTD. ( TSX: OBE ) ( OTCQX: OBELF ) (“ Obsidian Energy “, the “ Company “, “ we “, “ us ” or “ our “) announces the extension of our syndicated credit facility to February 26, 2021 and provides an operational update on recent drilling and hedging activities. CREDIT FACILITY EXTENSION The Company has entered into an agreement with lenders to extend our syndicated credit facility to February 26, 2021. The syndicated credit facility has an underlying borrowing base of $550 million with $450 million available to be drawn; both amounts remain unchanged from the previous facility. Under the agreement, the syndicated credit facility continues to be available on a revolving basis until February 26, 2021, subject to further extensions, with the end date of the term period remaining on November 30, 2021. In connection with the extension, the lenders have the option to complete a borrowing base redetermination on February 26, 2021. OPERATIONS UPDATE The Company’s development drilling program continues to progress on schedule and at internal cost estimates with three of the seven planned Willesden Green Cardium locations rig-released to date. Additionally, the Bigoray processing facility upgrades and acquired pipeline […]
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