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OBE - Obsidian Energy: Credit Facility Situation Remains Muddled After Release Of Reserve Report
Obsidian Energy Ltd.
Obsidian Energy (OBE) released its 2019 reserve report. The results were decent, including a slight increase in PDP liquids reserves and PDP PV-10 that is over 2.5x its credit facility borrowings. However, this doesn't entirely clear up its credit facility situation, as the forecasted prices used for reserve values are well above strip (which is why Canadian reserve values need to be taken with a grain of salt). Bank price deck surveys show that banks tend to use prices that are fairly close to strip and are generally conservative in their