09:28 AM EDT, 09/09/2024 (MT Newswires) -- Obsidian Energy ( OBE ) said Monday it now expects 2024 production of 36,400 to 37,000 barrels of oil equivalent per day, or boe/d, a 14% increase from 2023 at the mid-point.

The company previously guided for 2024 production of 35,650 to 37,150 boe/d.

Obsidian said that based on a midpoint of 36,700 boe/d, it now expects 2024 funds from operations of $5.44 per share, up from the $5.29 it estimated previously.

Obsidian said its average production increased to about 38,500 boe/d in July and to about 40,000 boe/d in August and that it remains on track to reach its 50,000 boe/d production target by spring 2026.

Shares of the company were up 1.7% in recent premarket activity.

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