Edition:
United Kingdom

Obsidian Energy Announces Proposed Sale Of Its 55% Working Interest In The Peace River Oil Partnership


Friday, 17 May 2019 

May 17 (Reuters) - Obsidian Energy Ltd ::OBSIDIAN ENERGY ANNOUNCES PROPOSED SALE OF ITS 55% WORKING INTEREST IN THE PEACE RIVER OIL PARTNERSHIP.OBSIDIAN ENERGY LTD - DEAL FOR APPROXIMATELY $97 MILLION.OBSIDIAN ENERGY LTD - TOTAL CONSIDERATION INCLUDES $85.8 MILLION IN CASH AND CASH EQUIVALENTS.OBSIDIAN ENERGY LTD - AGREEMENT IS SUBJECT TO FINANCING AND TERMS OF PARTNERSHIP AGREEMENT WHICH PROVIDES FOR A 30-DAY RIGHT OF FIRST REFUSAL.OBSIDIAN ENERGY LTD - ALL FIGURES ARE IN CANADIAN DOLLARS UNLESS OTHERWISE STATED..OBSIDIAN ENERGY LTD - TOTAL DEAL CONSIDERATION ALSO COMPRISES OF PURCHASERS' SHARES AND PRESENT VALUE OF ADDITIONAL LIABILITIES.OBSIDIAN ENERGY LTD - TERMS OF PARTNERSHIP AGREEMENT ALSO PROVIDES AN ADDITIONAL 15-DAY TAG-ALONG RIGHT TO OUR PARTNER.OBSIDIAN ENERGY LTD - ALONG WITH SALE OF PROP, COMPANY WILL BE DIVESTING OTHER NON-PRODUCING ASSETS IN AREA.