Past year: ▲ 91%(7.95 – 19.38 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
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.
5 Jan 2021drilling progress report▲ Good
A $40 million first-half 2021 programme - $35 million of capital and $5 million of decommissioning - for seven Willesden Green Cardium wells, expandable to eight, most of them beside the 2020 wells.
30 Nov 2020drilling progress report▲ Good
After suspending capital spending for most of 2020, Obsidian added $3.2 million to restart Cardium drilling with a three-well pad at Willesden Green in early December. It also took ownership of over 15 km of Bigoray pipelines and put $2 million into one of its own processing facilities to restore 450 boe/d of high-netback oil lost when a third-party plant closed permanently, protecting more than a million barrels of oil equivalent of proved developed producing reserves and saving about $1 million a year of operating cost.
16 Apr 2019drilling progress report▲ GoodMajor
All 19 wells of the Cardium campaign begun in July 2018 were completed and on production at an average $3.8 million each to drill, complete, equip and tie in. The 14 wells drilled in 2018 averaged 540 boe/d over their first 30 days at 87% oil; the last three wells showed single-day peak rates above 1,000 boe/d per well, which is a peak-day figure and not comparable with a 30-day average.
