Increased August average production to ~40,000 boe/d (based on internal field estimates)
• Grew Peace River total average production to ~11,500 boe/d, which included ~3,800 boe/d of Clearwater production (based on internal field estimates)
• Revised 2024 guidance range upwardly to reflect higher production midpoint
Calgary, Alberta--(Newsfile Corp. - September 9, 2024) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to provide an operational update that includes strong drilling results from our current development program that, in aggregate, exceed our initial expectations, driving an associated increase in the bottom-end and midpoint of our 2024 production guidance. With four rigs currently active (three in the Peace River area), we have rig released 14 (14.0 net) operated wells and placed 10 (10.0 net) operated wells on production since the end of June. Based on internal field estimates, July and August average production increased to over 38,500 and ~40,000 boe/d, respectively, of which our Peace River area comprised over 10,300 boe/d in July and ~11,500 boe/d in August. As a result, we have revised our 2024 production guidance range to 36,400 to 37,000 boe/d (midpoint of 36,700 boe/d) with associated adjustments to our funds flow from operations ("FFO") and free cash flow ("FCF").
Obsidian Energy Announces Strong Peace River Results and Upwardly Revised Guidance (newsfilecorp.com)