Obsidian Energy Profile
Obsidian Energy Ltd. (Obsidian Energy) operates as an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets based in Western Canada.
Obsidian Energy participates in the exploration for, and the development and production of, oil and natural gas principally in western Canada. The company’s portfolio of properties included both unitized and non-unitized light oil, heavy oil and natural gas production as of December 31, 2022. As of December 31, 2022, the majority of the company’s proved plus probable reserves were located in Alberta, Canada.
Major Operating Regions
The company’s production and reserves are attributed to approximately 57 producing properties. The company’s Willesden Green property accounts for 36 percent of the company’s total proved plus probable company interest reserves. Obsidian Energy’s capital investments are focused on light-oil development in the Cardium and Viking and heavy-oil development in Peace River.
Cardium Development Area
The Cardium development play is located in West Central Alberta and extends over 300 kilometers from Calgary to Grande Prairie, Alberta. Obsidian Energy is the largest land owner in the Cardium play, holding approximately 455 net sections of developed and undeveloped land with Cardium rights. The company’s holdings in the area include significant interests within the core of the play, particularly in the Willesden Green and Pembina areas. In 2023, Cardium activity will continue in the Willesden Green and Pembina areas of the play and focus on primary development with operated wells planned.
Peace River Development Area
The Peace River development area is a heavy oil play located in Northwestern Alberta. As of December 31, 2022, Obsidian Energy had approximately 500 net sections of developed and undeveloped land in the area. In 2022, the company completed a development activity in the area with operated Bluesky wells drilled and operated wells in the Clearwater. In 2023, the company is further expanding activity in the area with operated wells planned, including four wells in the emerging Clearwater play.
Viking Development Area
The Viking development area is located in Eastern Alberta along the Alberta/Saskatchewan border. As of December 31, 2022, Obsidian Energy had approximately 144 net sections of developed and undeveloped land in the play.
Optimization Activity
In 2023, Obsidian Energy plans to continue to leverage the company’s existing infrastructure and land base and focus on optimization of existing well bores and facilities within the company’s portfolio.
History
The company was formerly known as Penn West Petroleum Ltd. and changed its name to Obsidian Energy Ltd. in 2017.
