Obsidian Energy Expands its Use of WatchDog®

Obsidian Energy Has Expanded its Use of WatchDog ® to Enable the Virtual Wellsite Visit.

AFTI Inc., North America’s leading provider of the virtual wellsite visit for wellsite monitoring, today announced that Obsidian Energy Ltd. is expanding its use of the WatchDog® Virtual Wellsite Visit solution.

Obsidian EnergyObsidian Energy is an intermediate-sized oil and gas producer who is actively transforming their base business and operational cost structure into a well-balanced portfolio of high-quality assets producing over 25,000 BOE per day for the first nine months of 2020. The company has installed WatchDog at approximately 400 well sites to maximize production and lower operational costs. WatchDog remotely monitors the state of each and every installation site, reducing the requirement for Obsidian Energy’s Operators to visit them every day on a scheduled routine. This has saved the Operators hundreds of hours annually, where they can now focus on fixing and optimizing the wells.

Obsidian Energy first selected AFTI in 2019 and has expanded WatchDog’s footprint rapidly as the solution has proven its value in detecting problem wells quickly, reducing both equipment failures and environmental incidents.

“Our field teams are looking to leverage their time as they handle an ever-increasing set of responsibilities,” states Cliff Swadling, Senior Director of Production & Operations at Obsidian Energy. “The WatchDog solution provides an operational efficiency tool, and some peace of mind that the operational assets are performing. This allows us to focus on creating value and growth while keeping our cost profile flat. As the largest acreage holder in the Cardium, our focus is on cost reduction and long-term value creation. Every dollar saved is directly available for capital investment and growth.”

“Our flexible Operations initiative, focused on operating the most profitable assets in alignment with the market price, allows us to manage our costs in real time,” explains Shane Kidd, Automation Specialist at Obsidian Energy. “The WatchDog Virtual Wellsite Visit refocuses our Operations team from well checks to activities of the most value, ensuring we produce to meet our commitments while lowering our overhead on non-essential activities.”

“Obsidian Energy is well positioned to derive maximum value from our WatchDog solution. Our alignment with the strategy of our clients as true partners is what drives our team and our growth,” states Steve Robb, CEO of AFTI. “We will continue to listen, innovate, and deliver a solution focused on eliminating the requirement to complete the routine wellsite visit.”

Obsidian Energy values technologies such as WatchDog® as part of its cost efficient, forward thinking operations model. Obsidian Energy is transforming its base business and operational cost structure with a focus on driving long term shareholder returns. Since 2017, Obsidian Energy has reduced its OPEX target by nearly 30%. This reduction is foundational to operating in a lower price oil commodity market.

Obsidian Energy Ltd. is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets based in Alberta. Obsidian Energy is a company based on disciplined, relentless passion for the work it does, and resolute accountability to its shareholders, partners, and the communities in which it operates. The company’s common shares trade on the TSX under the symbol “OBE” and on the OTCQX under “OBELF”.

AFTI Inc. is the market leading provider of WatchDog®, North America’s most proven and innovative solution for the Virtual Wellsite Visit and pipeline leak detection. WatchDog’s Virtual Wellsite Visit supports oil and gas producers to maximize production and lower lifting costs. It provides all the information required to reduce the requirement to perform a routine wellsite visit with a proven, simple, and low-cost solution. Founded in 2010, AFTI is based in Calgary, Alberta.