<SEC-DOCUMENT>0001193125-18-012962.txt : 20180118
<SEC-HEADER>0001193125-18-012962.hdr.sgml : 20180118
<ACCEPTANCE-DATETIME>20180118105004
ACCESSION NUMBER:		0001193125-18-012962
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180118
FILED AS OF DATE:		20180118
DATE AS OF CHANGE:		20180118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OBSIDIAN ENERGY LTD.
		CENTRAL INDEX KEY:			0001334388
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32895
		FILM NUMBER:		18533231

	BUSINESS ADDRESS:	
		STREET 1:		207 - 9TH AVENUE S.W.
		STREET 2:		SUITE 200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1K3
		BUSINESS PHONE:		(403) 777-2500

	MAIL ADDRESS:	
		STREET 1:		207 - 9TH AVENUE S.W.
		STREET 2:		SUITE 200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1K3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN WEST PETROLEUM LTD.
		DATE OF NAME CHANGE:	20110125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN WEST ENERGY TRUST
		DATE OF NAME CHANGE:	20050727
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d511486d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of January 2018 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number <FONT STYLE="white-space:nowrap">1-32895</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Obsidian Energy Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 200,
207 &#150; 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue SW </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta T2P 1K3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F.)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;</FONT> &#9744; Form <FONT
STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9746;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form
<FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1)&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7)&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DOCUMENTS INCLUDED AS PART OF THIS FORM <FONT STYLE="white-space:nowrap">6-K</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See the Exhibit Index hereto. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on January&nbsp;18, 2018. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


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<TD VALIGN="top" COLSPAN="3"><B>OBSIDIAN ENERGY LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark Hawkins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Mark Hawkins</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: &nbsp;&nbsp;Corporate Secretary and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Counsel</P></TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">News release, dated January&nbsp;17, 2018</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d511486dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OBSIDIAN ENERGY COMMENTS ON STATEMENT BY FRONTFOUR CAPITAL GROUP LLC </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CALGARY, January&nbsp;17, 2018 &#150; OBSIDIAN ENERGY LTD. (TSX/NYSE &#150; OBE) (&#147;<B>Obsidian Energy</B>&#148;, the &#147;<B>Company</B>&#148;,
&#147;<B>we</B>&#148;, &#147;<B>us</B>&#148; or &#147;<B>our</B>&#148;) confirms it is aware of a statement by FrontFour Capital Group LLC (<B>&#147;</B><B>FrontFour</B><B>&#148;</B>) regarding their views on the direction of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Obsidian Energy&#146;s corporate strategy is well defined and has the unanimous support of the Board of Directors (the <B>&#147;Board&#148;</B>). We have been
organically growing the Company through the combination of sustaining a low decline production base and leveraging significant development optionality. The Company delivered strong results throughout the past year, and provided an operational update
earlier this week that confirms the business plan is working. Those operational successes, along with our highly capital efficient 2018 plans, are a product of robust capital planning and a project review process with both Management and the Board.
A change of course would hinder Obsidian Energy&#146;s progress and ability to deliver on the value maximizing efforts already underway. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of our
active and ongoing communications with all stakeholders, Obsidian Energy&#146;s Board and Management appreciate constructive shareholder input and take all views seriously. We received a letter from FrontFour in early October, which contained ideas
we had already been pursuing for several months. In addition, we received a second letter from FrontFour in <FONT STYLE="white-space:nowrap">mid-December</FONT> threatening &#147;more aggressive public action&#148;, unless we agreed to the addition
of a mutually agreed upon Director to the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the interest of avoiding a costly and distracting proxy fight and as part of the Board&#146;s ongoing
renewal process, our Board expressed a willingness to work with FrontFour regarding their views on Board composition. FrontFour had previously introduced the idea of Mr.&nbsp;Gordon Ritchie as a Board member, a suggestion our Board unanimously
embraced due to the experience and credibility of Mr.&nbsp;Ritchie. Mr.&nbsp;Ritchie was appointed to the Board in December. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Concurrently, the Board
interviewed candidates proposed by FrontFour and mutually agreed to the addition of one of those individuals. The appointment was accompanied with the same standstill agreement executed by our latest Board addition, Mr.&nbsp;Edward (Ed) H.
Kernaghan. Despite extensive negotiations, FrontFour was unwilling to execute the agreement. As a result, we were unable to add the mutually agreed upon candidate to the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One of the primary roles of our Board is to represent the interests of all shareholders. As indicated by our recent appointment of Mr.&nbsp;Kernaghan, our
largest shareholder, we are supportive of ownership representation on the Board. Obsidian Energy&#146;s Board is now comprised of nine highly qualified and experienced directors, eight of whom are independent, including the Acting Chair. As part of
our ongoing Board and governance process, the Governance Committee will nominate directors in advance of the Annual General Meeting that it believes will serve in the best interests of all shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We look forward to continuing to deliver strong results on behalf of shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Obsidian Energy shares are listed on both the Toronto Stock Exchange and New York Stock Exchange under the symbol &#147;OBE&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">OBSIDIAN ENERGY: Suite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3, Phone:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">403-777-2500,</FONT></FONT> Fax: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">403-777-2699,</FONT></FONT> Toll Free: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-693-2707,</FONT></FONT></FONT> Website: www.obsidianenergy.com; Investor Relations: Toll Free: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-888-770-2633,</FONT></FONT></FONT> <FONT STYLE="white-space:nowrap">E-mail:</FONT> investor_relations@obsidianenergy.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KINGSDALE ADVISORS: Ian Robertson, Executive Vice President, Communication Strategy. Direct:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">416-867-2333,</FONT></FONT> Cell: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">647-621-2646,</FONT></FONT> <FONT STYLE="white-space:nowrap">E-mail:</FONT>
irobertson@kingsdaleadvisors.com </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements contained in this document constitute forward-looking statements or information (collectively &#147;<B>forward-looking
statements</B>&#148;). Forward-looking statements are typically identified by words such as &#147;anticipate&#148;, &#147;continue&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;forecast&#148;, &#147;budget&#148;, &#147;may&#148;,
&#147;will&#148;, &#147;project&#148;, &#147;could&#148;, &#147;plan&#148;, &#147;intend&#148;, </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
&#147;should&#148;, &#147;believe&#148;, &#147;outlook&#148;, &#147;objective&#148;, &#147;aim&#148;, &#147;potential&#148;, &#147;target&#148; and similar words suggesting future events or
future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: that we will have highly capital efficient 2018 plans due to robust capital planning and a project review process
with both management and the Board; that a change of course would hinder Obsidian Energy&#146;s progress and ability to deliver on the value maximizing efforts already underway; that the Governance Committee will nominate directors in advance of the
annual general meeting that it believes will serve in the best interests of all shareholders; and that we look forward to continuing to deliver results on behalf of all shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things that we do not dispose of any
material producing properties; our ability to execute our long-term plan as described herein and in our other disclosure documents and the impact that the successful execution of such plan will have on our Company and our shareholders; that the
current commodity price and foreign exchange environment will continue or improve; future capital expenditure levels; future crude oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and
Canadian, WTI and world oil and natural gas prices; future crude oil, natural gas liquids and natural gas production levels; future exchange rates and interest rates; future debt levels; our ability to execute our capital programs as planned without
significant adverse impacts from various factors beyond our control, including weather, infrastructure access and delays in obtaining regulatory approvals and third party consents; our ability to obtain equipment in a timely manner to carry out
development activities and the costs thereof; our ability to market our oil and natural gas successfully to current and new customers; our ability to obtain financing on acceptable terms, including our ability to renew or replace our syndicated bank
facility and our ability to finance the repayment of our senior notes on maturity; and our ability to add production and reserves through our development and exploitation activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can
be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that
contribute to the possibility that the forward-looking statements contained herein will not be correct, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the possibility that we will not be able to continue to successfully execute our long-term plan in part or in
full, and the possibility that some or all of the benefits that we anticipate will accrue to our Company and our securityholders as a result of the successful execution of such plans do not materialize; the possibility that we are unable to execute
some or all of our ongoing asset disposition program on favourable terms or at all; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our
access to capital; industry conditions, including fluctuations in the price of crude oil, natural gas liquids and natural gas, price differentials for crude oil and natural gas produced in Canada as compared to other markets, and transportation
restrictions, including pipeline and railway capacity constraints; fluctuations in foreign exchange or interest rates; unanticipated operating events or environmental events that can reduce production or cause production to be <FONT
STYLE="white-space:nowrap">shut-in</FONT> or delayed (including extreme cold during winter months, wild fires and flooding); and the other factors described under &#147;Risk Factors&#148; in our Annual Information Form and described in our public
filings, available in Canada at <U>www.sedar.com</U> and in the United States at <U>www.sec.gov</U>. Readers are cautioned that this list of risk factors should not be construed as exhaustive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities
laws, we do not undertake any obligation to publicly update any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. </P>
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