Obsidian Energy Ltd, a Calgary-based oil and gas production company, has unveiled its full operational report for the year 2017 as well as updates from the company’s four well pad located in Willesden Green. While commenting on the report, Obsidian Energy’s president & CEO David French confirmed that 2017 was a good year for Obsidian Energy. He added that the firm employed a series of strategies that have enabled it to close 2017 on high-momentum.
David projected that 2018 will be a great year for his firm. According to the report, Obsidian Energy’s full-year production was above the set guidance range. The company has attributed this to solid execution of its second half program. The report further indicates that the four-well pad located in Willesden Green has shown promising results. Production in the 4th quarter 2017 is reported to be at 31,400boe/d. Despite the continued cold weather in the area, the company’s average corporate production has knocked 32,000boe/d in 2018.
Obsidian Energy has indicated that, based on current statistics, it’s going to increase its Cardium production in Willesden Green by more than 30% for January 2018. The report explains that the management accelerated part of 2018 capital allocation to the last quarter of 2017 in order to optimize on schedule and enhance production volumes. In December alone, the company managed to drill a total of five wells. The decision to accelerate the program is projected to enhance operational efficiency, reduce the cost of operation, and save the company about $0.5MM.
Obsidian has promised to keep its stockholders updated with the next report scheduled to be released in early match. The company’s shares are listed on the New York Stock Exchange and Toronto Stock Exchange.
About Obsidian Energy Ltd
Previously known as Penn West Petroleum, Obsidian Energy was established in 1979 and is headquartered in Calgary, Alberta. The company’s key extraction areas are in Alberta, including the Pembina Cardium, Alberta Viking, and the Peace River oil sands. Members of the firm’s board of directors include Edward Kernaghan, Maureen Cormier Jackson, William Friley, and George Brookman.
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