CALGARY, Aug. 28, 2019 /PRNewswire/ - OBSIDIAN ENERGY LTD.
(TSX – OBE, NYSE – OBE) ("Obsidian Energy", the
"Company", "we", "us" or "our")
announces that the purchase and sale agreement providing for the
sale of our 55 percent interest in the Peace River Oil Partnership
(the "Partnership") to a third party has been
terminated.
In order for the sale to proceed, the consent to the transfer of
our Partnership units and the transfer of operatorship of the
Partnership was required, however, the consents for these transfers
were not obtained and the agreement was terminated.
We intend to pursue all other viable alternatives for the
disposition of our interest in the Partnership and continue to
focus on our high-quality, light oil Cardium asset.
Forward-Looking Statements
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements"). In particular, this document
contains forward-looking statements pertaining to, without
limitation, our intention to pursue all other viable alternatives
for the disposition of our interest in the Partnership and continue
to focus on our high-quality, light oil Cardium asset. With
respect to forward-looking statements contained in this document,
we have made assumptions regarding, among other things, our ability
to successfully dispose of our interest in the Partnership on
acceptable terms. Although we believe that the expectations
reflected in the forward-looking statements contained in this
document, and the assumptions on which such forward-looking
statements are made, are reasonable, there can be no assurance that
such expectations will prove to be correct. Readers are cautioned
not to place undue reliance on forward-looking statements included
in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the
forward-looking statements contained herein will not be correct,
which may cause our actual performance and financial results in
future periods to differ materially from any estimates or
projections of future performance or results expressed or implied
by such forward-looking statements. These risks and uncertainties
include, among other things: the possibility that we are unable to
identify another purchaser for our interest in the Partnership
and/or that we are unable to enter into an agreement to sell our
interest in the Partnership on acceptable terms or at all and/or
that we are unable to satisfy the conditions precedent set out in
any such agreement and are therefore unable to close thereunder,
and the other factors described under "Risk Factors" in our Annual
Information Form and described in our public filings, available in
Canada at www.sedar.com and
in the United States at
www.sec.gov. Readers are cautioned that this list of risk factors
should not be construed as exhaustive. The forward-looking
statements contained in this document speak only as of the date of
this document. Except as expressly required by applicable
securities laws, we do not undertake any obligation to publicly
update any forward-looking statements. The forward-looking
statements contained in this document are expressly qualified by
this cautionary statement.
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SOURCE Obsidian Energy Ltd.
