Obsidian Energy launches formal strategic review including possible sale

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CALGARY — Obsidian Energy Ltd. says it has launched a formal process to explore strategic alternatives, including the possible sale of the company.

Formerly known as Penn West Petroleum Ltd., Obsidian says the process is intended to maximize shareholder value.

Obsidian cautioned that there could be no assurance of any particular outcome as a result of the review.

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Last month, a sale of Obsidian’s 55 per cent interest in the Peace River Oil Partnership to Highwood Oil Co. Ltd. was called off.

The deal required the company’s partner, China Investment Corp., to consent to the transfer of the company’s partnership units and the transfer of operatorship, but it was denied.

Shares in Obsidian closed at $1.35 on the Toronto Stock Exchange on Monday.

The Canadian Press

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