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Obsidian Energy Announces Full Year 2017 Production Above Guidance & Provides Operational Update
Obsidian Energy Announces Full Year 2017 Production Above Guidance & Provides Operatio...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"\n\n\n\nObsidian Energy Announces Full Year 2017 Production Above Guidance & Provides Operational Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nObsidian Energy Announces Full Year 2017 Production Above Guidance & Provides Operational Update\nCanada NewsWire\nCALGARY, Jan. 15, 2018\n\n\n\nCALGARY, Jan. 15, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE – OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to confirm full year 2017 production ahead of guidance and provide an operational update, including preliminary results from our four well pad in Willesden Green.\n\nDavid French, President & CEO commented, \"2017 was a great year for Obsidian Energy. We repositioned the development portfolio, effectively responded to a volatile commodity and currency environment, and exited the year with clear operational momentum. There is much to be excited about as we head into 2018.  To supplement this update, we added a video to our website which gives more colour to our progress and my perspective on where the business is heading in 2018 and beyond.\"\n\nSecond Half Program Drives Full Year 2017 Production Above Guidance\n\nFull year 2017 production was 31,700 boe/d, above the high end of our guidance range of 30,500 – 31,500 boe/d. Ongoing waterflood and our shallow base decline, combined with solid execution of our second half development program drove the outperformance. This marks another quarter of consistent production delivery and we look forward to maintaining this momentum through 2018.\n\nWe experienced some unexpected production downtime in December due to extreme cold weather in the last half of the month. Additionally, third party pipeline curtailment delayed on-stream timing of our four well pad in Willesden Green until early 2018. These wells are now on production and are exhibiting strong initial results as noted below.\n\nQ4 2017 production was 31,400 boe/d, with an estimated liquids weighting of 62%. To date in January, corporate production has averaged over 32,000 boe/d despite continued cold wea...