Obsidian studying strategic alternatives

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.

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.

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