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Obsidian Energy Announces Preliminary Second Quarter 2022 Results and Extension to Our Syndicated Credit Facility
Highest average quarterly production level since 2017 at 31,575 boe/d in the second quarter ...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Preliminary Second Quarter 2022 Results and Extension to Our Syndicated Credit FacilityHighest average quarterly production level since 2017 at 31,575 boe/d in the second quarter First half development program completed with strong resultsCalgary, Alberta--(Newsfile Corp. - July 14, 2022) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") announces our preliminary second quarter 2022 results and an extension to our syndicated credit facility to July 29, 2022, to accommodate timing associated with our debt refinancing. \"We continued our enhanced level of activity during the second quarter with the completion of our accelerated first half development program,\" said Stephen Loukas, Obsidian Energy's Interim President and CEO. \"Wells brought on-stream during the quarter resulted in strong production gains, achieving the highest average quarterly production level since 2017. We also drilled our eight-well program in our Viking area that is currently being completed; the wells are expected to start on production in late July with the last well on production by mid-August. Our second half drilling program in our Peace River area commenced this week and we anticipate our Cardium development activity to start later this month as ground conditions improve.\" PRELIMINARY SECOND QUARTER 2022 RESULTSObsidian Energy is pleased to provide preliminary unaudited operating and financial results for the second quarter of 2022, all of which are approximate. During the quarter, we benefitted from higher commodity prices for both oil and natural gas, increasing our netbacks to $58.94 per boe in the second quarter of 2022 compared to $42.25 per boe in the first quarter of 2022 and $28.48 per boe in the second quarter of 2021. As a result of the cash flow generated by these higher netbacks and increased production, we continued to reduce debt outstanding under our syndicated credit facilities to $335.2 million at June 30, 2022, compared to $392.4 million at December 31, 2021 (a $57.2 million decrease).We successfully completed our accelerated first half development program with capital expenditures of approximately $40.3 million in the second quarter focused on various completion and tie-in activities from wells drilled earlier in the year along with the ...