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

Obsidian Energy

17/05/2019 11:31

May 17 (Reuters) - Obsidian Energy Ltd  OBE.TO :
    * 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

Source text for Eikon:  ID:nCNWcyH1ya 
Further company coverage:  OBE.TO 

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