InPlay Oil completed the acquisition of an operated Pembina assets from Obsidian Energy for CAD320m.

InPlay Oil, a light oil development and production company, completed the acquisition of an operated Pembina assets from Obsidian Energy, a mid-sized Canadian oil and natural gas production company, for CAD320m. “We’re pleased to have successfully completed this strategic asset rationalization as we continue to focus on growing our Peace River asset. Furthermore, the completion of this Transaction allows us to pay down our debt, thereby improving Obsidian Energy’s leverage ratio and overall liquidity position. Additionally, we are well positioned to garner additional value via future share price appreciation from our InPlay share position as we anticipate the successful integration and further development of the Pembina Assets will increase the value of InPlay’s shares,” Stephen Loukas, Obsidian Energy President and CEO.