Obsidian Announces Extension to our Syndicated Credit Facility

Source: www.gulfoilandgas.com 2/24/2021, Location: North America

OBSIDIAN ENERGY LTD. announces an extension of our syndicated credit facility to March 31, 2021 and provides a hedging update.

CREDIT FACILITY EXTENSION
The Company has entered into an agreement with lenders to extend our syndicated credit facility to March 31, 2021. The syndicated credit facility has an underlying borrowing base of $550 million with $450 million available to be drawn; both amounts remain unchanged. Under the agreement, the syndicated credit facility continues to be available on a revolving basis until March 31, 2021, subject to further extensions, with the end date of the term period remaining on November 30, 2021.

HEDGING UPDATE
The Company continues to add incremental hedges to our hedge book at recent price levels with the following financial oil and natural gas hedges and physical oil and differential hedges in place:


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