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Obsidian Energy Spends 323% More YoY; Reports -27% in Production YoY in Q3

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Obsidian Energy Spends 323% More YoY; Reports -27% in Production YoY in Q3

[Summary: Obsidian Energy reported its Q3 results. Highlights include:

Updated 2017 production forecast to 30,500 - 31,500 Reported average daily production of 30,166 boe/d, a 27% decrease from Q3 2016 when daily production averaged 41,233 boe/d Capex was $55 million, a 323% increase from $13 million spent in Q3 2016 In Q3 the company drilled and completed 26 (21 net) wells, completed 23 (19 net) wells, and placed on production 19 (5.6 net) wells Obsidian reported production decreases YOY in Q3 2017. The total average daily production in Q3 2017 of 30,166 boe/d was 27% less than the previous year when production was 41,233 boe/d. Light oil and NGL production in Q3 2017 was 13,324 bbl/d, a 24% decrease from Q3 2016 when production was 17,644 bbl/d. Heavy oil production in Q3 2017 was…
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