Obsidian Energy’s 2024 Program Beats Expectations

Obsidian Energy (TSE:OBE) has released an update.

Obsidian Energy has nearly completed its 2024 development program, with positive results from 32 wells drilled and 30 wells now producing, leading to a current production of over 35,500 boe/d, which could rise to approximately 40,000 boe/d without current blockades. The company’s Peace River Dawson Clearwater area is showing promising output, and the Cardium wells are significantly contributing to cash flow with strong initial production rates. Obsidian’s President and CEO, Stephen Loukas, expresses satisfaction with the first half’s performance, which surpassed expectations and has provided valuable insights for future development.

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