Obsidian Energy Ltd. announced the reconfirmation of syndicated credit facility with no changes to revolving period. As previously disclosed, the Company had a revolving period reconfirmation date on January 17, 2022, whereby, on or prior to such date, the lenders may have accelerated the end of the revolving period of credit facility to February 1, 2022. In this case, the end date of the term-out period would have remained unchanged at November 30, 2022.

The Company advises that the credit facility has been reconfirmed by lenders on January 17, 2022, resulting in no changes to revolving period. The syndicated credit facility is subject to a semi-annual borrowing base redetermination typically in May and November of each year. The Company has a syndicated credit facility with an aggregate amount available of $366.8 million, consisting of a $260.0 million revolving credit facility and a $106.8 million non-revolving term loan.

The revolving period and next borrowing base redetermination date under the syndicated credit facility remains at May 31, 2022, with the maturity date of both the revolving credit facility and non-revolving term loan being November 30, 2022. Company plan to refinance debt facilities during 2022 with the objective of incorporating senior and subordinated debt. This structure is expected to provide the Company with a stable capital source that provides operational liquidity and a longer-term maturity profile.