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Obsidian Energy Ltd T.OBE

Alternate Symbol(s):  OBE

Obsidian Energy Ltd. is a Canada-based exploration and production company. The Company operates in one segment, to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin directly and through investments in securities of subsidiaries holding such interests. It has a portfolio of assets producing around 35,700 barrels of oil equivalent (boe) per day. Its operating areas include Cardium, Peace River and Viking areas of Alberta. Its Cardium asset is a fully delineated and de-risked asset. It is focused on manufacturing repeatable low-decline and high-netback light-oil wells across its Cardium land base. The Viking is a light oil, horizontal development play located in central Alberta. Its operations are focused on the Esther area. Peace River is a stable, cold-flow, base production asset. It operates on a contiguous and an acreage within the heart of the Peace River Oilsands region.


TSX:OBE - Post by User

Post by thetruth54on Feb 12, 2024 10:41pm
367 Views
Post# 35876752

Loukas better get off his butt in NY and deal with this now

Loukas better get off his butt in NY and deal with this now This is the kind of thing that starts out small and if not dealt with promptly can really hurt a company. Loukas better do whatever is necessary to deal with this now.

Canadian First Nation urges Obsidian Energy to address quake concerns

 

By Nia Williams

Feb 12 (Reuters) - An Indigenous community in Alberta on Monday criticized Obsidian Energy for failing to address ongoing concerns about its operations after regulators said the Canadian oil and gas producer was responsible for a series of earthquakes.

The quakes, including one with a local magnitude of 5.6, took place over nearly four months in the territory of the Woodland Cree First Nation in northern Alberta between November 2022 and March 2023.

In March the Alberta Energy Regulator (AER) found that Obsidian caused the series of seismic events by disposing of industrial wastewater underground, and gave the company 15 days to produce a mitigation plan.

However, chief Isaac Laboucan-Avirom said Obsidian had refused to "meaningfully meet or work" with Woodland Cree First Nation to address their concerns since then. Lack of collaboration with First Nations could put oil and gas development at risk more widely, he said.

"This calls into question the company and underlines the need for their executives to come to the table and address the concerns of rights holders in the region," Laboucan-Avirom said in a statement.

Obsidian did not immediately respond to a request for comment.

The Calgary-based company produces around 32,000 barrels of oil equivalent per day and operates primarily in the Peace, Cardium and Viking plays in Alberta.


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