Obsidian Energy Ltd., Calgary, has begun a formal study of strategic alternatives.
Options might be a sale, merger, or other business combination; disposition of all or some assets; refinancing of the capital structure; or a combination.
Tudor, Pickering, Holt & Co. is advising.
Known as Penn West Petroleum Ltd. until June 2017, the company produces about 28,000 boe/d of mostly light oil in the Viking, Cardium, and Deep Basin areas of Alberta and cold-flow heavy oil in the Peace River area.
For the quarter ended June 30, it reported a $162 million loss, compared with a $96 million loss in the same quarter a year earlier.