Source: CBC
  • Obsidian Energy (OBE) has announced plans for a normal course issuer bid
  • Between February 27, 2023, and February 26, 2024, Obsidian Energy may purchase up to 8,073,847 of its common shares for cancellation
  • Daily purchases will be limited to 85,192 common shares
  • Obsidian Energy believes that the bid will enhance the underlying value of the company’s common shares
  • Obsidian Energy is an intermediate-sized oil and gas producer with assets in Alberta
  • Obsidian Energy Ltd. (OBE) is up 13.65 per cent on the day, trading at C$9.24 per share at 2:15 pm ET

Obsidian Energy (OBE) has announced plans for a normal course issuer bid.

Between February 27, 2023, and February 26, 2024, Obsidian Energy may purchase up to 8,073,847 of its common shares.

Daily purchases will be limited to 85,192 common shares, representing 25 percent of the average daily trading volume for the six-month period ended January 31, 2023.

Any common shares that are purchased under the NCIB will be cancelled.

Obsidian Energy believes that the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Obsidian Energy’s per-share metrics and increase the underlying value of the company’s common shares to its shareholders.

Obsidian Energy is an intermediate-sized oil and gas producer with assets in Alberta.

Obsidian Energy Ltd. (OBE) is up 13.65 per cent on the day, trading at C$9.24 per share at 2:15 pm ET.


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