Obsidian Energy posted Q2 net income of CAD 42 million, up from CAD 15.3 million a year earlier, on cash flow from operating activities of CAD 38.2 million.
Funds flow from operations rose to CAD 67.8 million from CAD 65.8 million, while adjusted funds flow from operations (non-GAAP) climbed to CAD 73.6 million from CAD 63.2 million.
Total production edged down to 28,200 boe/d from 28,943 boe/d, while net debt increased to CAD 353.6 million from CAD 270.2 million.
Acquisition, credit facility and development program
Closed a Belly River light oil acquisition for CAD 98 million, adding about 2,500 boe/d and 35 net sections; the credit facility was increased to CAD 275 million.
CEO Stephen Loukas said two rigs are active in Peace River and one in Willesden Green, with an expanded CAD 100 million development program underway.
OBE•
