Calgary, Alberta – OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) is pleased to announce the reconfirmation of our syndicated credit facility with no changes to our revolving period.
As previously disclosed, the Company had a revolving period reconfirmation date on January 17, 2022, whereby, on or prior to such date, the lenders may have accelerated the end of the revolving period of our credit facility to February 1, 2022. In this case, the end date of the term-out period would have remained unchanged at November 30, 2022. The Company advises that the credit facility has been reconfirmed by lenders on January 17, 2022, resulting in no changes to our revolving period.
The syndicated credit facility is subject to a semi-annual borrowing base redetermination typically in May and November of each year. The Company has a syndicated credit facility with an aggregate amount available of $366.8 million, consisting of a $260.0 million revolving credit facility and a $106.8 million non-revolving term loan. The revolving period and next borrowing base redetermination date under the syndicated credit facility remains at May 31, 2022, with the maturity date of both the revolving credit facility and non-revolving term loan being November 30, 2022.
We plan to refinance our debt facilities during 2022 with the objective of incorporating senior and subordinated debt. This structure is expected to provide the Company with a stable capital source that provides operational liquidity and a longer-term maturity profile.
2022 GUIDANCE RELEASE WEBCAST
As previously released, in association with our 2022 guidance release to be announced on January 24, 2022, our Interim President and CEO, Mr. Stephen Loukas and other members of management will host a webcast presentation online on Monday, January 24, 2022 at 9:30 a.m. Mountain Standard Time (11:30 a.m. Eastern Standard Time) (the “Presentation“).
The Presentation will be broadcast live on the Internet and may be accessed either through our website or directly at the webcast portal. Those who wish to listen to the Presentation via phone should connect five to 10 minutes prior to the scheduled start time through the following numbers:
|Canada / USA:||1-800-319-4610 (toll-free)|
A question-and-answer session will be held following the Presentation. If you wish to submit a question to the Company, participants can do so ahead of time after registering on the webcast portal on the Intranet or by emailing questions to email@example.com. The updated corporate presentation and Presentation will be available for replay following the webcast on our website, www.obsidianenergy.com.