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Obsidian Energy Announces Extension to our Syndicated Credit Facility and provides Operational Update
Calgary, Alberta--(Newsfile Corp. - January 28, 2021) -  OBSIDIAN ENERGY LTD. (TSX: OBE) ...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Extension to our Syndicated Credit Facility and provides Operational UpdateCalgary, Alberta--(Newsfile Corp. - January 28, 2021) -  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 EXTENSIONThe 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 UPDATEThe 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 reconfiguration have been successfully completed on our internal estimate of $2 million. Restoration of 450 boe per day of net production is underway.HEDGING UPDATEThe Company continues to add incremental hedges to our hedge book at recent constructive price levels. Currently, the Company has the following financial oil and natural gas hedges and physical oil and differential hedges in place: Financial 2021  Oil January February March  WTI C$/bbl $59.84 $61.73 $63.38  Total bbl/d 6,150 4,500 3,750   2021 Natural gas January February March April C$/mcf $2.94 $2.94 $2.94 $2.77 Total mcf/d 23,700 23,700 23,700 7,150 Physical 2021   Oil1 Q1 Q2   WTI C$/bbl $55.54 $59.04   Total bbl/d 542 571   (1) WTI and differentials on production hedged to lock-in positive net operating income on certain heavy oil properties. 2021  Light Oil differential1 Q1 Q2 Q3  C$/bbl - $5.51 $5.82  T...