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Obsidian Touts Improved Cardium Well Results in Q1
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Obsidian Energy has reported an operational update on our Cardium drilling program.
Obsidian began a dedicated execution program starting in July 2018 and carrying through to break-up in March 2019. All 19 wells have now been completed and are on production.
The 14 wells drilled in 2018 averaged initial production rates over the first 30 days of 540 boe per day and 87% oil. The 2019 portion of that program included five wells, the last three of which came on production in the past week. These three wells are showing extremely robust initial production rates, with the pad averaging single day peak rates of over 1,000 boe per day per well.
The average drill, complete, equip, and tie-in costs of all 19 wells came in at $3.8 million per well and without any safety or environmental incidents.
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