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Obsidian Energy Announces Alberta Site Rehabilitation Program Awards

Source: www.gulfoilandgas.com 10/1/2020, Location: North America

Obsidian Energy is pleased to provide an update on our Alberta Site Rehabilitation Program (“ASRP”) grant applications and to give details on additional commodity hedges made during the third quarter of this year.

Alberta Site Rehabilitation Program Awards
In partnership with our service providers, the Company has received ASRP grants to date totaling $17 million and an additional $4 million in allocation eligibility as an Area Based Closure participant. These awards will allow the Company to expand our abandonment activities for wells, pipelines, facilities, and related site reclamation starting in the fourth quarter of this year and thus reduce our decommissioning liability. We will continue to be actively engaged with the Government of Alberta on further ASRP developments, and other provincial and federal programs, as they are announced.

Hedging Update
Over the last quarter, we added to our hedging position, providing additional certainty on our funds flow from operations at levels that are constructive to our business.

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