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OBE - Obsidian Energy: Credit Facility Extension Buys It Time Until November 2021
Obsidian Energy Ltd.
Obsidian Energy (OBE) successfully negotiated an agreement to extend its credit facility revolving period to May 2021 and got its net office rent reduced. All of Obsidian's secured debt now matures at the end of November 2021.
While Obsidian has bought itself some time to sell assets individually or get acquired, it is now facing a very poor oil pricing environment. It does have hedges in the first half of 2020, but none after that at last report. As a result, if oil prices stay near current levels (low-$30s WTI oil from March