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BRIEF-Obsidian Energy Releases 2018 Reserves Results

Published 2019-02-11, 06:47 a/m
Updated 2019-02-11, 06:50 a/m
© Reuters.  BRIEF-Obsidian Energy Releases 2018 Reserves Results

Feb 11 (Reuters) - Obsidian Energy Ltd OBE.TO :

* OBSIDIAN ENERGY RELEASES 2018 RESERVES RESULTS, ANNOUNCES COMPANY UPDATE AND REVISES 2019 GUIDANCE

* OBSIDIAN ENERGY LTD - ALL 14 WELLS OF SECOND HALF 2018 CARDIUM PROGRAM HAVE BEEN DRILLED AND COMPLETED WITH 12 CURRENTLY ON PRODUCTION

* OBSIDIAN ENERGY - FOCUS ON COST REDUCTION RESULTED IN AVERAGE WELL COST OF $3.6 MILLION ON FIRST 14 WELLS, SIGNIFICANTLY BELOW FORECASTED COST ESTIMATES

* OBSIDIAN ENERGY LTD - EXPECTS Q1 2019 LIGHT AND HEAVY OIL PRODUCTION TO BE APPROXIMATELY 15,750 - 16,250 BARRELS PER DAY NET TO OBSIDIAN ENERGY

* OBSIDIAN ENERGY LTD - OBSIDIAN ENERGY HAS ELECTED TO DEFER A FOUR-WELL PAD WITH TWO CARDIUM WELLS AND TWO DEEP BASIN WELLS TO SECOND HALF OF 2019

* OBSIDIAN ENERGY LTD - DEFERRAL WILL REDUCE FIRST HALF 2019 CAPITAL EXPENDITURES BY APPROXIMATELY $20 MILLION TO $45 MILLION

* OBSIDIAN ENERGY LTD - TOTAL PRODUCTION FOR Q1, INCLUDING NATURAL GAS LIQUIDS AND NATURAL GAS IS EXPECTED TO BE ABOUT 27,000 - 27,500 BOE PER DAY

* OBSIDIAN ENERGY LTD - SEES 2019 PRODUCTION 26,750 TO 27,750 BOE PER DAY

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