Leading Cardium Play Areas

Our core foundation with ~25 years of drilling opportunities for future development

Obsidian Energy is focused on manufacturing repeatable low-decline and high-netback light-oil wells across our unmatched Cardium land base in the Willesden Green (Crimson Lake & East Crimson) and Pembina areas. Our Cardium asset is a fully delineated and de-risked asset with years of development potential ahead of us.

FIELD HISTORY

• One of North America’s most significant light oil fields
• Development since the 1950’s; various phases has kept field producing for over 70 years
• Advances in horizontal and halo drilling since late 2000’s rejuvenated the field

OUR CARDIUM ASSETS 

• Largest acreage holder with ~25 years of drilling opportunities at current drilling rates
• Substantial locations with only 236 net booked 2P locations (YE 2022)
• Significant future upside to 2P reserve values
• Best-in-class wells in Willesden Green acreage since mid-2018
• Low cost, high return optimization programs and field management in Pembina yield strong results, keeping production decline rates low