Obsidian Energy Lowers Production Guidance Amid Weather-Related Delays

Obsidian Energy Ltd. (NYSE American: OBE) provided an operational and guidance update for its second-half capital program and 2026 production guidance on September 14, 2026. The company has revised its full-year production outlook to 28,500-29,500 boe/d due to weather-related development delays and third-party facility downtime at the recently acquired Belly River assets.

The Belly River assets are now back to their current expected production capability of ~2,400 boe/d. Obsidian Energy's second-half development program is advancing with two rigs active in each of Peace River and Willesden Green. The company plans to accelerate its Peace River development with the addition of a waterflood injector at the 6-20 pad in Walrus and the commencement of construction of an all-season road at North Walrus.

Obsidian Energy's President and CEO, Stephen Loukas, commented that the company is on track to deliver 15%+ year-over-year production growth in 2027. The company targets production growth of more than 15% in 2027, including executing its previously announced six-well Belly River development program on the acquired lands in early 2027 with optionality for additional growth at sustained higher oil prices.