Obsidian Energy again extends credit facility redetermination date

By Sarah Lizee

Olympia, Wash., July 1 – Obsidian Energy Ltd.’s banking syndicate extended its credit facility redetermination date until Aug. 30, according to a press release.

The company said the extension gives it time to “progress through the necessary provisions in regard to the Peace River Oil Partnership (PROP) disposition and continue to evaluate the potential of an unsecured bond offering, which remains subject to market conditions and acceptable terms.”

The borrowing base under the syndicated credit facility continues to be $550 million with capacity of $460 million during the extension period.

Obsidian Energy anticipates closing the PROP disposition on or about July 31.

Obsidian Energy is a Calgary, Alta.-based oil and natural gas production company.

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