CALGARY, July 1, 2019 /PRNewswire/ - OBSIDIAN ENERGY LTD.
(TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the
"Company", "we", "us" or "our")
announces the Company's banking syndicate has extended the
syndicated credit facility redetermination date until August 30, 2019 as we progress through the
necessary provisions in regard to the Peace River Oil Partnership
("PROP") disposition and continue to evaluate the potential
of an unsecured bond offering, which remains subject to market
conditions and acceptable terms. The borrowing base under the
syndicated credit facility continues to be $550 million with capacity of $460 million during the extension period.
Obsidian Energy anticipates closing the PROP disposition on or
about July 31, 2019.
Forward-Looking Statements
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements"). Forward-looking statements are
typically identified by words such as "anticipate", "continue",
"estimate", "expect", "forecast", "budget", "may", "will",
"project", "could", "plan", "intend", "should", "believe",
"outlook", "objective", "aim", "potential", "target" and similar
words suggesting future events or future performance. In
particular, this document contains forward-looking statements
pertaining to, without limitation, the following: that we will
continue to progress through the PROP disposition and evaluate the
unsecured bond offering, subject to market conditions and
acceptable terms; the expected borrowing base and capacity during
the extension period; and the anticipated closing date of the PROP
disposition.
With respect to forward-looking statements contained in this
document, we have made assumptions regarding, among other things
that we do not dispose of any material producing properties; that
the current commodity price and foreign exchange environment will
continue or improve; future capital expenditure levels; future
crude oil, natural gas liquids and natural gas prices and
differentials between light, medium and heavy oil prices and
Canadian, WTI and world oil and natural gas prices; future crude
oil, natural gas liquids and natural gas production levels; future
exchange rates and interest rates; future debt levels; our ability
to execute our capital programs as planned without significant
adverse impacts from various factors beyond our control, including
weather, infrastructure access and delays in obtaining regulatory
approvals and third party consents; our ability to obtain equipment
in a timely manner to carry out development activities and the
costs thereof; our ability to market our oil and natural gas
successfully to current and new customers; our ability to obtain
financing on acceptable terms, including our ability to renew or
replace our syndicated bank facility and our ability to finance the
repayment of our senior notes on maturity; our partners ability to
progress through their right of first refusal and tag-along
provisions in connection with the Peace River Oil Partnership
disposition; and our ability to add production and reserves through
our development and exploitation activities.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this document,
as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the forward-looking
statements contained herein will not be correct, which may cause
our actual performance and financial results in future periods to
differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among other
things, the factors described under "Risk Factors" in our Annual
Information Form and described in our public filings, available in
Canada at www.sedar.com and
in the United States at
www.sec.gov. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.
The forward-looking statements contained in this document speak
only as of the date of this document. Except as expressly required
by applicable securities laws, we do not undertake any obligation
to publicly update any forward-looking statements. The
forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
Obsidian Energy shares are listed on both the Toronto Stock
Exchange (symbol "OBE") and New York Stock Exchange (symbol
"OBE.BC"). All figures are in Canadian dollars unless otherwise
stated.
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SOURCE Obsidian Energy Ltd.
