Mr. Stephen Loukas reports

OBSIDIAN ENERGY ANNOUNCES 2024 GUIDANCE AND WEBCAST

Obsidian Energy Ltd. expects to release its 2024 capital and operating budget and associated guidance before North American markets open on Jan. 25, 2024. In conjunction with the release, its president and chief executive officer, Stephen Loukas, and other members of management will host a webcast presentation on-line at 9 a.m. Mountain Standard Time (11 a.m. Eastern Standard Time).

The presentation will be broadcast live on the Internet and may be viewed either through its website or directly at the webcast portal. Those who wish to listen to the presentation by phone should connect five to 10 minutes prior to the scheduled start time through the following numbers.

Canada/United States:  1-800-319-4610 (toll-free)

Toronto:  1-416-915-3239

Calgary:  1-403-351-0324

A question-and-answer session will be held following the presentation. If you wish to submit a question to the company, participants can do so ahead of time after registering on the webcast portal on the Internet or by e-mailing questions to investor.relations@obsidianenergy.com. The presentation will be available following the webcast on the company website.

Obsidian shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American Exchange in the United States under the symbol OBE.

We seek Safe Harbor.