OBE - Obsidian Energy +11% after extending credit facility resuming Vikings drilling

Obsidian Energy (NYSE:OBE) surges to a seven-year high, +11.1% in Wednesday's trading, after saying it extended the revolving period in its syndicated credit facility to July 15 to accommodate timing in its debt refinancing. As part of the extension, Obsidian Energy (OBE) said it agreed to an $8.7M reduction of the syndicated credit facility with the aggregate amount available now at $358.1M, and the company also made a $1M repayment on its senior secured notes, lowering the outstanding balance to $36.7M. Obsidian (OBE) also said it returned to development drilling at its Viking area in Alberta for the first time since 2017, anticipating $12.5M in capital spending for the project with first production expected early in Q3. The company expects its Viking eight wells will add ~1K boe/day on a 30-day initial production basis (67% light oil). Obsidian Energy (OBE) has "a high quant rating due to a cheap valuation

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Obsidian Energy +11% after extending credit facility, resuming Vikings drilling