Obsidian Energy (OBE) said Thursday that it is planning between $110 and $120 million in capital expenditures in H2, down 33% compared with H1 and a year earlier.
The company said production will be at 27,700 barrels of oil equivalent per day (boe/d) in H2, which is roughly flat to H1 output, and will build to 29,000 boe/d by the end of the year.
Obsidian said H2 guidance is based on commodity prices of $65/bbl WTI, $3.50/bbl MSW differential, $11.50/bbl WCS differential, and $2.50/GJ AECO natural gas.
The company said it plans to launch a $10 million share exchange offer, allowing shareholders in Canada to trade their Obsidian shares for stock in InPlay Oil.
Shares of Obsidian were up more than 2% in recent Thursday premarket activity.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.