Past year: ▲ 91%(7.95 – 19.38 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
22 July 2026debt financing▲ Good
Added $75.0 million to the 2030 notes at 102.75% of face value, an effective yield of 7.186% against the 8.125% coupon, for $77.9 million of gross proceeds and a total issue of $250.0 million. Proceeds pay down the revolver.
3 Dec 2025debt financing▲ GoodMajor
Closed $175.0 million of 8.125% five-year senior unsecured notes due December 2030 and used part of the proceeds to redeem the remaining $80.8 million of 11.95% notes due 2027, with the rest paying down the revolver. The unsecured coupon falls from 11.95% to 8.125%; the $235 million facility was left with about $8 million drawn.
8 Sept 2025drilling progress report▲ GoodMajor
Thirteen wells of a 28-well second-half programme were rig-released, and all six that had reached 30 days of production were ahead of pre-drill expectations, supporting a record seven-day average of about 14,500 boe/d in Peace River. Water injection pilots started in both the Bluesky and the Clearwater - the first move beyond primary production in the heavy oil asset. The InPlay proceeds funded a $30 million redemption of senior notes.
7 Aug 2025asset acquisition disposition▲ GoodMajor
Closed the InPlay share sale to Delek at $91.37 million after a small fee adjustment, leaving Obsidian with no InPlay shares and 20,834 restricted awards. The equity half of the Pembina consideration became cash in four months, and the proceeds go to repaying debt.
4 Aug 2025asset acquisition disposition▲ GoodMajor
Agreed to sell its whole InPlay holding - 9,139,784 shares, about 32.7% of InPlay - to Delek Group for $10.00 a share, $91.4 million in total, against the $85 million of stock taken as part of the Pembina consideration four months earlier.
7 Apr 2025asset acquisition disposition▲ GoodMajor
The Pembina sale closed with an effective date of 1 December 2024. Cash came in at $211 million after interim adjustments rather than $220 million, alongside 54.8 million InPlay shares at $1.55 and InPlay's 34.6% of Willesden Green Cardium Unit #2. Proceeds pay down debt while the company concentrates on growing Peace River.
28 Feb 2025asset acquisition disposition● Neutral
The executed asset purchase and sale agreement with InPlay Oil, dated 19 February 2025, filed in full.
20 Feb 2025asset acquisition disposition▲ GoodMajor
Agreed to sell its operated Pembina assets to InPlay Oil for about $320 million - $220 million cash, $85 million of InPlay shares, and InPlay's 34.6% of the Willesden Green Cardium Unit #2, which takes Obsidian to 99.8% of that field. The non-operated Pembina Cardium Unit #11 interest is kept. Cash goes to debt first, funding the shift of weight from Cardium light oil to Peace River heavy oil.
14 Jan 2025drilling progress report▲ GoodMajor
2024 production averaged about 37,450 boe/d, above the top of guidance and roughly 16% up on 2023, with the fourth quarter around 40,000 boe/d. The first wells in the new Peavine and Gift Lake areas of Peace River worked: the Peavine 8-13 pad averaged 302 boe/d per well of 100% oil over its first 30 days, and the two-well 12-19 Pembina pad was producing over 1,100 boe/d combined.
8 Oct 2024debt financing▲ Good
ICBC Standard Bank joined the syndicate and the facility rose to $300 million from $260 million on unchanged maturities, the increase used to cut the term loan to $10 million. That $50 million term loan had part-funded the Peace River asset acquisition completed in June 2024.
1 June 2023debt financing▲ Good
ICBC (Canada) joined the syndicate and the facility went to $240 million from $200 million on unchanged maturities. All 11 Viking wells from the first-half programme were on stream at a combined 1,832 boe/d, 85% oil, and still cleaning up. Alberta wildfires had shut in 1,750 boe/d, of which 1,000 was back on; the quarter's average production would be about 2,100 boe/d lower as a result.
23 Mar 2023debt financing▲ Good
The borrowing base redetermination, brought forward from May, lifted the facility to $200.0 million from $175.0 million and pushed the revolving period to 31 May 2024 and the term-out to 31 May 2025.
16 Dec 2022regulatory community update● Neutral
Obsidian said the second half 2022 drilling programme is performing well, with 14.0 more wells (13.4 net) rig-released since the third quarter and 61 wells (59.7 net) expected for the full year. It delayed its 2023 budget, guidance and plans for debt repayment and shareholder returns until January 2023, citing oil price and heavy oil differential volatility and drilling still in progress. A first Clearwater well at Seal is cleaning up at 110 bbl/d (11.7° API), continuing the Peace River Clearwater appraisal work started in 2022. It also published its first ESG report (for 2021) and bought about 1,600 more acres in Peace River, bringing its total to 500 sections of heavy oil rights.
13 Sept 2022debt financing▲ GoodMajor
The $30.0 million term loan was repaid in full out of free cash flow seven weeks after it was drawn, leaving a $175.0 million revolver and the $127.6 million of 2027 notes. Nine wells were rig-released in the third quarter - four Cardium, four Peace River Bluesky and one Mannville gas well - and all eight Viking wells were on production in line with forecast. Obsidian also bought the Seal 9-15 gas plant in Peace River.
27 July 2022debt financing▲ GoodMajor
The refinancing closed: $127.6 million of 11.95% five-year senior unsecured notes due July 2027, plus a new $175.0 million revolving facility and a $30.0 million term loan from RBC, BMO and Canadian Western Bank. Proceeds repaid everything falling due on 30 November 2022 - US$35.8 million of senior secured notes, $227.2 million of bank debt and a $6.6 million Peace River limited-recourse loan. Long-term debt afterwards is $287.6 million, with $130 million drawn on the revolver; the unsecured coupon is 11.95%.
1 June 2022debt financing● Neutral
The revolving period was extended six weeks to 15 July purely to give the refinancing time, at the cost of an $8.7 million cut in the facility to $358.1 million and a US$1.0 million note repayment leaving US$36.7 million outstanding. The company also returned to development drilling in its Viking area.
4 May 2022drilling progress report▲ GoodMajor
First-quarter production of 29,407 boe/d, with current production already at 33,000 boe/d on new wells; 19 wells rig-released in the quarter from a four-rig programme and 14 on production. Funds flow was $101.3 million excluding $22.7 million of share-based compensation charges, and guidance went up again to 30,300-31,300 boe/d.
12 Apr 2022drilling progress report▲ GoodMajor
All 2021 wells and eight of the first-half 2022 wells were on production, with guidance raised 1,000 boe/d to 30,100-31,100 boe/d against about 29,400 boe/d in the first quarter. Obsidian also bought 14 sections of Peace River land prospective for the Bluesky and Clearwater, and struck a commercial agreement with Whitecap Resources over Pembina Cardium Unit No. 11.
24 Jan 2022drilling progress report▲ GoodMajor
A $143-149 million 2022 capital programme with four rigs running: 19 Cardium wells in Willesden Green and Pembina plus ten in Peace River, four of them appraisal wells into the Clearwater formation, the first Clearwater appraisal drilling in the company's record. Free cash flow of $166 million forecast at US$75 WTI.
12 Jan 2022debt financing▼ BadMajor
A pre-agreed one-time adjustment cut the syndicated facility from $415.0 million to $366.8 million effective 31 December, deliberately capping undrawn availability at $35.0 million and directing any borrowing capacity above that into repaying the term loan and the senior notes. $321.5 million was drawn. The structure routes free cash flow to debt reduction rather than to the drill bit.
6 Jan 2022drilling progress report▲ Good
The 2021 drilling programme finished on schedule. Full-year production came in at the low end of the 24,600-24,800 boe/d guidance, partly because the Peace River purchase closed slightly late, but December - the first full month with the whole partnership - averaged 27,260 boe/d with six new wells on stream mid-month.
18 Nov 2021capital raising announcement▲ GoodMajor
Closed an oversubscribed $25.9 million offering of subscription receipts at $4.40 each, with the 15% over-allotment exercised in full, to fund the purchase of the remaining 45% of the Peace River Oil Partnership. Because the offering was oversubscribed the whole purchase price is paid in cash and no shares go to the vendor.
8 Nov 2021drilling result▲ GoodMajor
Third-quarter funds flow of $59.3 million and net debt down to $428.1 million, with the second-half drilling programme running well. The larger news came after the quarter: Obsidian agreed to buy the remaining 45% of the Peace River Oil Partnership from its partner, taking full ownership of the asset it had failed to sell in 2019.
28 Oct 2021production update▲ Good
Guidance raised again to 24,300-24,500 boe/d after ten new wells came on between late September and the end of October, with three 2022 wells pulled forward into 2021 inside the same capital budget. Third-quarter production was about 24,150 boe/d and Loukas's contract was extended to the end of 2022.
15 Sept 2021drilling progress report▲ Good
Two rigs running in the Cardium, full-year production tracking to the top of the raised guidance range within the capital plan, and Loukas's interim chief executive contract extended to the end of 2021.
23 Aug 2021auditor change● Neutral
KPMG replaced Ernst & Young as auditor from 23 August after a formal tender. EY's opinions on the 2019 and 2020 accounts were unmodified and the company reported no reportable events - a clean change.
30 July 2021drilling progress report▲ GoodMajor
Second-quarter production averaged 24,651 boe/d, 6% above the first quarter and ahead of plan, lifting full-year guidance to 24,000-24,400 boe/d. Net income of $322.5 million was almost entirely a $311.5 million reversal of earlier Cardium impairments on higher price forecasts and better drilling results, not cash. Net debt fell to $435.7 million and three more wells were added to the second-half programme.
12 July 2021drilling progress report▲ GoodMajor
All nine first-half wells were on stream, at $3.3 million each, 2% below the 2020 average with 10% more lateral length, and second-quarter production came in around 24,650 boe/d against 23,225 in the first. The release gives the full decline: the best well ran 910 boe/d over ten days, 748 over thirty and 538 over ninety - the ninety-day rate is roughly 60% of the ten-day rate, which is the honest number for valuing this kind of Cardium well.
7 May 2021drilling progress report▲ GoodMajor
First-quarter results with the first-half drilling programme complete: nine Cardium wells, funds flow of $36.3 million, net income of $23.2 million against a $747.6 million loss a year earlier, production of 23,225 boe/d and net debt down 12% to $455.0 million. The 4-35 pad was the standout - its three wells came in at 910, 849 and 690 boe/d over the first ten days and 748, 662 and 714 boe/d over thirty. One 13-19 well started at 57 boe/d because frac fluid took time to recover and was at 220 boe/d by the release.
26 Mar 2021debt financing▲ GoodMajor
The extension that mattered: both the credit facility and the senior notes were pushed out to 30 November 2022. Availability of $440 million was split into a $225 million revolver and a $215 million non-revolving term loan carved out of amounts already drawn - so the drawn portion becomes term debt that cannot be redrawn.
