Business
Obsidian Energy Announces Syndicated Credit Facility Increase to $200 Million
Calgary, Alberta--(Newsfile Corp. - March 22, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE Ameri...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Syndicated Credit Facility Increase to $200 MillionCalgary, Alberta--(Newsfile Corp. - March 22, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to announce an increase to our syndicated credit facility to $200.0 million from $175.0 million, with an extension of the revolving period to May 31, 2024, and the term-out date to May 31, 2025. The increase was part of our semi-annual borrowing base redetermination, which was completed earlier than normal (typically occurs in May and November of each year).\"The syndicated credit facility increase demonstrates the confidence in the Company and our strategic direction,\" said Stephen Loukas, Obsidian Energy's President and CEO. \"Through a combination of production growth and debt paydown, we are in a substantially stronger financial position than a year ago, allowing us to continue to pursue our corporate objectives. With our winter drilling program wrapping up and given the current commodity price volatility in the industry, consistent with our focus of maximizing shareholder value we are reviewing our business plan for the balance of the year, including all aspects of our second half capital program as well as further enhancement of our debt capacity.\" ADDITIONAL READER ADVISORIESFORWARD-LOOKING STATEMENTSThis news release contains forward-looking statements or information (collectively \"forward-looking statements\") within the meaning of the \"safe harbour\" provisions of applicable Canadian and U.S. securities laws. The use of any of the words \"expect\", \"anticipate\", \"continue\", \"estimate\", \"objective\", \"ongoing\", \"may\", \"will\", \"project\", \"should\", \"believe\", \"plans\", \"intends\" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the timing and extension to our syndicated credit facility revolving period and term-out date; and our review of our business plan for the balance of the year given the current commodity price volatility in the industry.The forward-looking statements and information are based on certain key expectations and assumptions made by Obsidian Energy, including ...