15:03:38 EDT Sat 18 May 2024
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Obsidian Energy Ltd (2)
Symbol OBE
Shares Issued 77,588,538
Close 2024-02-14 C$ 8.75
Market Cap C$ 678,899,708
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Globe/wire say first nation wants halt to Obsidian work

2024-02-15 08:45 ET - In the News

The Globe and Mail reports in its Thursday edition that an Alberta first nation has told the Alberta Energy Regulator that oil and gas producer Obsidian Energy cannot proceed with plans to expand drilling on its territory owing to concerns about earthquakes. A Reuters dispatch to The Globe says that the Woodland Cree First Nation in Northern Alberta criticized Obsidian earlier this week for failing to address the indigenous community's concerns about a series of earthquakes that regulators found were caused by the company's wastewater disposal. Obsidian produces roughly 31,000 barrels of oil equivalent a day. Around 20 per cent of output comes from the company's Peace River assets in Northern Alberta, some of which are located within Woodland Cree territory. Obsidian plans to increase production by 12 per cent this year and focus most of its drilling program on the Peace River region. "CEO Stephen Loukas and Obsidian have not met the basic legal requirements necessary to proceed with development on our territory," Woodland Cree Chief Isaac Laboucan-Avirom said in a statement. Obsidian appealed the regulatory order issued last year that found it was at fault for the earthquakes. Since then, talks have broken down.

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