Calgary-based exploration and production (E&P) company Obsidian Energy Ltd. said Monday it would try to capitalize on higher commodity prices by spending an additional C$3.2 million ($2.5 million) in 2020 to begin drilling the first pad in its Central Alberta Willesden Green asset.

Obsidian Energy

Obsidian’s 2020 capital spending is set to increase to C$56 million ($43 million) while its production guidance would slightly change to 25,300-25,500 boe/d from 25,000-25,500 boe/d.

“We will begin drilling on the three well pad in early December, and as we look forward into 2021, we continue to assess commodity prices against our significant portfolio of development opportunities and expect to finalize the size and scope of our first half 2021 development program over the coming few weeks,”...