An anonymous director reports

OBSIDIAN ENERGY ANNOUNCES LAUNCH OF AN OFFER TO PURCHASE UP TO $2.0 MILLION OF OUR OUTSTANDING SENIOR UNSECURED NOTES

Obsidian Energy Ltd. has commenced an offer to purchase for cash up to an aggregate amount of $2-million (the maximum purchase consideration) of the company's outstanding 11.95 per cent senior unsecured notes due July 27, 2027 (ISINs CA674482AA25 (restricted), CA674482AB08 (144A) and CA674482AC80 (Regulation D); CUSIP No.'s 674482AA2 (restricted), 674482AB0 (144A) and 674482AC8 (Regulation D)), as disclosed in the company's year-end 2023 results. As of Feb. 26, 2024, $116.2-million aggregate principal amount of notes were outstanding. The offer is being made pursuant to an offer to purchase and a related letter of transmittal, each dated Feb. 26, 2024, and a notice of guaranteed delivery. The offer will expire at 5 p.m., Eastern Time, on March 11, 2024, unless extended. Tendered notes may be withdrawn at any time before the expiry of the offer.

Subject to possible pro-ration as described in the offer to purchase, holders of notes that are validly tendered and accepted at or prior to the expiry of the offer, or who deliver to the tender agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such notes, each in accordance with the instructions described in the offer to purchase, will receive total cash consideration of $1,030 per $1,000 principal amount of notes, plus any accrued and unpaid interest up to, but not including, the settlement date, which is expected to occur on March 14, 2024.

The consummation of the offer and the company's obligation to accept for purchase, and to pay for, notes validly tendered (and not validly withdrawn) pursuant to the offer are subject to the satisfaction of or waiver of certain conditions as set forth in the offer to purchase. The offer is not conditional on any minimum amount of notes being tendered. Obsidian Energy may amend, extend or terminate the offer, or increase the maximum purchase consideration, at its sole discretion. If the aggregate purchase price for notes validly tendered (and not validly withdrawn) pursuant to the offer would result in an aggregate purchase price in excess of the maximum purchase consideration, the company intends to accept the notes for purchase on a pro rata basis such that the aggregate principal amount of notes accepted for purchase pursuant to the offer is not greater than the maximum purchase consideration.

The offer is being made pursuant to the terms and conditions contained in the offer to purchase, related letter of transmittal and notice of guaranteed delivery. Copies of these documents may be obtained from Computershare Investor Services Inc., the tender agent for the offer, by telephone at 1-800-564-6253 or e-mail at corporateactions@computershare.com.

We seek Safe Harbor.