Obsidian Energy (TSE:OBE) has released an update.
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Obsidian Energy is set to strengthen its production and growth prospects with the strategic acquisition of Clearwater production assets in the Peace River region, expecting to add 1,700 boe/d to its output and extend its land holdings by 148 net sections. The $76 million deal, funded through debt, is anticipated to enhance operational synergies and capital efficiency, while providing significant undeveloped land potential. This move aligns with Obsidian’s revised 2024 guidance, aiming to reduce capital expenditures and increase production, ultimately aiming to boost shareholder value.
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