- Strong first quarter average production of 29,407 boe/d; current production further grew to 33,000 boe/d based on recent drilling success
- Active first half four-rig drilling program with 19 operated wells (18.5 net) rig-released in the quarter and 14 wells (13.5 net) now on production
- Strong production rates from new Peace River wells from late 2021 and early 2022 programs
- 2022 production range further increased by 200 boe/d to between 30,300 to 31,300 boe/d
- Funds flow from operations was $101.3 million in the quarter, excluding $22.7 million of share-based compensation charges
- New member appointed to the Board of Directors
Oil & Gas Permit Download
Obsidian Wells Drilled Since 2020
Obsidian Facility Permits Since 2020
Well Permit Summary
Calgary, Alberta–(Newsfile Corp. – May 4, 2022) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) is pleased to report operating and financial results for the first quarter of 2022.
| Three Months Ended March 31 | ||||||
| 2022 | 2021 | |||||
| FINANCIAL1 (millions, except per share amounts) | ||||||
| Cash flow from operating activities | 83.9 | 28.4 | ||||
| Basic per share ($/share)2 | 1.03 | 0.39 | ||||
| Diluted per share ($/share)2 | 1.00 | 0.37 | ||||
| Funds flow from operations3 | 78.6 | 36.3 | ||||
| Basic per share ($/share)4 | 0.97 | 0.49 | ||||
| Diluted per share ($/share)4 | 0.94 | 0.48 | ||||
| Net income | 23.8 | 23.2 | ||||
| Basic per share ($/share) | 0.29 | 0.32 | ||||
| Diluted per share ($/share) | 0.28 | 0.31 | ||||
| Capital expenditures | 103.4 | 29.5 | ||||
| Decommissioning expenditures | 8.5 | 3.3 | ||||
| Long-term debt | 368.4 | 439.9 | ||||
| Net debt3 | 448.8 | 455.0 | ||||
| OPERATIONS | ||||||
| Daily Production | ||||||
| Light oil (bbl/d) | 11,114 | 10,014 | ||||
| Heavy oil (bbl/d) | 5,789 | 2,788 | ||||
| NGL (bbl/d) | 2,432 | 2,056 | ||||
| Natural gas (mmcf/d) | 60 | 50 | ||||
| Total production5 (boe/d) | 29,407 | 23,225 | ||||
| Average sales price6 | ||||||
| Light oil ($/bbl) | 117.91 | 67.34 | ||||
| Heavy oil ($/bbl) | 84.77 | 40.48 | ||||
| NGL ($/bbl) | 68.09 | 41.04 | ||||
| Natural gas ($/mcf) | 4.96 | 3.21 | ||||
| Netback ($/boe) | ||||||
| Sales price | 77.07 | 44.21 | ||||
| Risk management gain (loss) | (6.58 | ) | (2.44 | ) | ||
| Net sales price | 70.49 | 41.77 | ||||
| Royalties | (11.35 | ) | (2.68 | ) | ||
| Net operating costs4 | (13.93 | ) | (13.52 | ) | ||
| Transportation | (2.76 | ) | (1.79 | ) | ||
| Netback4 ($/boe) | 42.45 | 23.78 |
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