Obsidian Energy (OBE · TSX / NYSE)

Name: Obsidian Energy (OBE) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Mid-cap E&P — HQ Canada. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Mid-cap E&PRegion N. AmericaCEO Stephen Loukas (2020)Jurisdiction risk Low (8)

Overview

Alberta oil producer with a light-oil Cardium base and growing Peace River (Clearwater/Bluesky) heavy-oil development; buyback-focused after balance-sheet repair.

Aggressive per-share value strategy (large NCIB); leverage moderate. Flags: heavy-oil differential exposure, small-cap liquidity.

Valuation snapshot (FY2025)

Market cap

$0.7bn

Enterprise value

$0.9bn

EV / EBITDA

4.3x

P / E

27.2x

FCF yield

-2.8%

Dividend yield

0.0%

ROACE

Debt / equity

14%

Net debt / EBITDA

0.9x

EV / reserves

$7.96/boe

EV / flowing

$29k/boe/d

Free cash flow

$-0.0bn

Its EV/EBITDA of 4.3x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -2.8% is lower than the 6.5% median, and at $7.96/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, Obsidian Energy scores 47/100, strongest on safety (66/100). Sub-scores: value 38, quality 48, growth 32, risk 34 (higher = riskier).

Reserves & production

Obsidian Energy holds approximately 0.11 billion boe of proved (1P) reserves with FY2025 production of about 31 thousand boe/d (64% liquids), a reserve life of roughly 10.1 years. Break-even: ~$45 (WTI FCF breakeven) — Cardium light oil + Peace River heavy oil growth funded around mid-$40s WTI.

Net asset value (public-source)

For Obsidian Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

8 /100

Low jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
Canada	100%	8	Stable; pipeline egress constraints, oil-sands emissions policy.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Cardium (Willesden Green/Pembina)	Canada	Light oil	Core light-oil base
Peace River (Clearwater/Bluesky)	Canada	Heavy oil	Growth engine
Viking	Canada	Light oil	Secondary
Waterflood/EOR	Canada	Oil	Recovery projects
Infrastructure	Canada	Midstream	Owned facilities
Exploration	Canada	Oil	Peace River step-outs

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	24	30	34	37	31
Proved reserves (bnboe)	0.13	0.16	0.19	0.21	0.11
Revenue ($bn)	0.5	0.8	0.7	0.7	0.4
EBITDA ($bn)	0.2	0.4	0.4	0.3	0.2
Net income ($bn)	0.3	0.2	0.1	0.1	0.0
Free cash flow ($bn)	0.1	0.1	0.1	0.1	-0.0

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Peer companies — Mid-cap E&P

FANG · Diamondback Energy PR · Permian Resources CHRD · Chord Energy Corporation MTDR · Matador Resources Company MGY · Magnolia Oil & Gas Corporation MUR · Murphy Oil Corporation TVE · Tamarack Valley Energy Ltd.CRC · California Resources Corporation NVPT · Navitas Petroleum CRGY · Crescent Energy BTE · Baytex Energy Corp.POU · Paramount Resources Ltd.TALO · Talos Energy Inc.ENRG · Energi Mega Persada

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare OBE against 141 peers in the interactive screener