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Obsidian Energy Announces Increase in 2023 Reserves Across All Categories
•  Reserve replacement of 124 percent, 157 percent and 217 percent of 2023 production...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Increase in 2023 Reserves Across All Categories•  Reserve replacement of 124 percent, 157 percent and 217 percent of 2023 production on a proved developed producing (\"PDP\"), total proved (\"1P\"), and total proved plus probable (\"2P\") basis, respectivelyCalgary, Alberta--(Newsfile Corp. - January 30, 2024) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to announce the results of our independent reserves evaluation for the year ended December 31, 2023 (the \"2023 Reserve Report\") prepared by GLJ Ltd. (\"GLJ\").\"Our 2023 reserves reflect the high level of activity and success of our capital program with volume increases across all categories and asset areas,\" said Stephen Loukas, Obsidian Energy's President and CEO. \"The performance of our underlying asset base coupled with a capital program that incorporated all areas of our portfolio resulted in reserve additions that more than replaced production in all reserve categories - signifying the seventh year in a row that we achieved such gains in total proved and total proved plus probable reserves. In addition, the efficiency of our capital program is demonstrated by lower finding and development (\"F&D\") costs per boe compared to 2022, resulting in strong recycle ratios despite the impact of lower commodity prices in 2023.\"Stephen Loukas continued, \"While the reserves consultants' commodity price forecasts were lower in 2023 compared to 2022, our active share buyback program helped to largely counteract the decrease in reserve values on a per share basis. Over 2023, we repurchased and cancelled six percent of our shares outstanding.\"HIGHLIGHTS Obsidian Energy's high level of activity and successful capital program resulted in solid production and reserves additions across all three main asset areas (Willesden Green/Pembina (Cardium), Peace River and Viking) in 2023. Focused on unlocking the significant potential across our heavy oil business at Peace River while maintaining production in our light oil business, we increased our reserve base through extensions, establishing new development fields and new exploration/appraisal drilling over the year. We replaced 124 percent of 2023 production on a PDP basis, 157 percent on a 1P basis and 217 perce...