Welcome to our dedicated page for OBSIDIAN ENERGY LTD. SEC filings (Ticker: OBE), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Obsidian Energy Ltd. filings document the regulatory disclosures of a Canadian oil and gas producer with assets primarily in Alberta. The company files Form 6-K reports as a foreign issuer and annual Form 40-F materials, including financial statements, management discussion and analysis, and oil and gas reserve disclosures tied to National Instrument 51-101 reporting.
Its filings also cover quarterly and annual operating results, capital expenditures, production and reserve information, normal course issuer bid activity, share-based compensation plans, proxy materials, director elections, auditor appointments, executive compensation votes and shareholder approvals for equity incentive plans.
Obsidian Energy Ltd. reported fourth quarter and full year 2025 results showing lower cash generation but a stronger balance sheet after a major asset sale. Full-year funds flow from operations was $272.1 million or $3.92 per basic share, down from $432.0 million in 2024, mainly due to lower oil prices and the sale of Pembina assets.
The company recorded net income of $35.2 million in 2025 versus a net loss of $202.6 million in 2024. Average 2025 production was 30,624 boe/d, with fourth quarter volumes at 27,971 boe/d, temporarily reduced by extreme winter weather in Peace River.
Obsidian closed the Pembina Cardium disposition for about $325 million, cutting decommissioning liabilities by $390 million and reducing net debt to $268.2 million from $411.7 million. It spent $298.9 million on capital, achieved reserve replacement of at least 118% across categories, repurchased 7.6 million shares under its buyback, and used equity forward contracts and hedging to manage share-based compensation and commodity price risk.
Obsidian Energy Ltd. filed its Annual Report on Form 40-F including an Annual Information Form, MD&A, audited consolidated financial statements and supplemental oil and gas information for the year ended December 31, 2025. Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2025. The filing states 67,274,326 shares outstanding. KPMG LLP is the independent registered public accounting firm. The exhibit index lists certifications, auditor consents and a clawback policy.
Obsidian Energy reported its independent 2025 year-end reserves, showing strong organic replacement despite selling its Pembina asset, which held about 35 percent of prior reserves. The company replaced 118 percent of production on a proved developed producing basis, 185 percent on proved, and 235 percent on proved plus probable.
On a proved plus probable basis, total reserves were 158.4 mmboe, with 104.8 mmboe in the proved category. Before-tax NPV10 was $961 million for proved developed producing, $1,446 million for total proved and $2,103 million for total proved plus probable, reflecting lower commodity prices and the Pembina sale.
Peace River reserves grew, including 3.5 mmboe of 2P additions from waterflood projects, while the Belly River program in Willesden Green added 12 locations and 5.6 mmboe. Reserve life indices were approximately 6.0, 10.1 and 13.3 years for PDP, 1P and 2P. F&D costs including FDC changes were $25.70/boe (PDP), $19.44/boe (1P) and $20.68/boe (2P).
Obsidian Energy Ltd. filed a 6-K highlighting a First Amending Agreement to its existing credit agreement with a syndicate of banks led by Royal Bank of Canada. The lenders confirmed the company’s borrowing base at Cdn.$300,000,000 as of November 27, 2025.
The amendment supports Obsidian’s plan to incur Permitted Junior Debt through 8.125% senior unsecured notes due on or about December 3, 2030, and adjusts the definition of Permitted Junior Debt to refine cross-default and financial test provisions. Existing guarantees and security from Obsidian and key subsidiaries are confirmed and remain fully in force.
Obsidian Energy Ltd. outlines its 2026 capital program and operational plans, targeting average production of 27,900 to 29,900 boe/d with about 73% liquids. The capital budget is set at $190 to $230 million, split between $128 million for light oil assets at Willesden Green/PCU #11 and $80 million for heavy oil development at Peace River, including $22 million for waterflood projects.
Based on WTI of US$58.00/bbl in the first half of 2026 and US$62.00/bbl in the second half, the Company forecasts funds flow from operations of $225 million or $3.35 per basic share, with about $7 million in free cash flow and year-end net debt of $272 million prior to any share repurchases. The plan includes 38 operated wells plus 10 non-operated (4.5 net) wells and emphasizes waterflood expansion in Clearwater and Bluesky, infrastructure-driven growth at Open Creek, and continued activity at PCU #11.
Obsidian Energy (OBE): Amendment No. 4 to Schedule 13D reports updated holdings by the Kernaghan family and Kernwood Limited. Based on 67,708,673 Common Shares outstanding as of June 30, 2025, Edward H. Kernaghan beneficially owns 3,533,866 Common Shares (5.22%), including 85,352 held directly and 3,448,514 held by Kernwood Limited. Kernwood reports 3,448,514 Common Shares (5.09%), which Elizabeth Kernaghan also reports as beneficially owned at 5.09%.
The filing notes they were below 5% as of December 31, 2021 and rose above 5% as of August 15, 2025 following additional purchases, including 50,000 shares at 7.843 on August 18, 2025, 108,500 shares at 7.769 on August 19, 2025, and a privately negotiated transfer of 10,214 shares on September 9, 2025. The group states an investment purpose and may consider proposals, including potentially seeking a board seat.