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OBE - Obsidian Energy: Liquidation May Be The Best Option
Obsidian Energy Ltd.
Obsidian Energy's (OBE) terminated sale of its 55% working interest in the Peace River Oil Partnership [PROP] is a negative for the company. That PROP sale would have helped it deleverage a bit and also involved a price that was over 6.0x the projected EBITDA from that asset.
It now faces debt issues with its credit facility maturing in 2020 along with the majority of its secured notes. It may be able to get its credit facility renewed, but I think that its borrowing base would be reduced with any renewed credit facility.