Obsidian Energy provides Phase 2 Cardium program update
The 13 well Willesden Green Cardium development program planned for the second half of the year is progressing as planned, with six wells rig released. Four of those wells have been completed and are expected to be on stream by mid-October. The company has seven additional wells planned in the fourth quarter. All locations are expected to be onstream before the end of the year. The company is on target to deliver its $120M capital program, with $75M of the total spending planned for the second half of the year. Recent oil price volatility allowed the company to build on its fourth quarter hedge position, adding 2,663 barrels per day with an average strike price of $79.62 per barrel, on a Canadian dollar basis.