Obsidian Energy, an oil company based in Calgary, Alberta, has announced the results of its 2024 development program, stating that it has exceeded expectations. The company has substantially completed the first half of the program, with 32 operated wells rig released and 30 operated development wells brought into production. The Peace River Dawson Clearwater development area has shown strong results, with a production rate of 1,330 barrels of oil equivalent per day (boe/d) over the last 30 days. Additionally, the Pembina Cardium Unit #9 has achieved an average 30-day initial production rate of 403 boe/d per well. Obsidian Energy's President and CEO, Stephen Loukas, expressed satisfaction with the program's results and highlighted the team's technical expertise in accessing high-quality reservoirs and improving drilling outcomes. The company's light oil development in the Cardium formation has also been successful, with all 12 wells in the first half of the program being rig released and 11 wells brought into production. In the heavy oil assets in the Peace River area, 13 out of 15 operated wells in the development program have been rig released and brought into production, with the remaining two wells expected to be rig released and on production in the third quarter. Obsidian Energy has also completed the drilling, coring, and testing of two exploration/appraisal wells in the Nampa area, with promising results. The company has acquired land in the Peace River area and plans to drill its first Bluesky well on the acquired lands in the first quarter of 2025 [b9f7916a].