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CALGARY, AB – OBSIDIAN ENERGY LTD. ( TSX: OBE ) ( OTCQX: OBELF ) (“ Obsidian Energy ” or the “ Company “) today announced first half 2021 guidance as the Company continues to advance its development in the Cardium area. A total of $35 million in capital expenditures plus $5 million in decommissioning expenditures is currently budgeted for the first half of 2021, furthering the Company’s Cardium development activity in Willesden Green with a planned seven well drilling program that builds on the 2020 program where Obsidian Energy experienced strong production results. Assuming continued supportive commodity prices and weather conditions, Obsidian Energy could expand the first half drilling program to eight wells. The Company’s successful optimization program will also continue with $4 million allocated in the first half of 2021 (included in the capital expenditure figures above) in order to capture further highly attractive capital efficiencies. “Our 2020 drilling program resulted in some of the best wells we’ve seen in the history of our Cardium program,” said Stephen Loukas, Obsidian Energy’s Interim President and CEO. “Our first half 2021 program will build on these results with most of the wells adjacent to or very near our 2020 wells, […]
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