05:09 AM EDT, 10/08/2024 (MT Newswires) -- Obsidian Energy ( OBE ) said late Monday it increased its syndicated credit facility to $300 million from $260 million, with ICBC Standard Bank joining its banking syndicate.

The revolving period and maturity dates remain unchanged at May 31, 2025, and May 31, 2026, respectively.

The company said the expansion would enhance liquidity, accelerate term loan repayment, and support production growth and capital return strategies in the Peace River area.

Obsidian has reduced its term loan balance to $10 million, which is due on June 26, 2025, and is expected to be repaid early using internally generated cash flow.

The $50 million loan was originally taken out to help finance the acquisition of the Peace River asset in June 2024.

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