An anonymous director reports

OBSIDIAN ENERGY COMPLETES OFFER TO PURCHASE $2.0 MILLION OF OUR OUTSTANDING SENIOR UNSECURED NOTES

Obsidian Energy Ltd. has completed its previously announced offer to purchase for cash up to an aggregate amount of $2.0-million of its outstanding 11.95 per cent senior unsecured notes due July 27, 2027. The offer expired on March 11, 2024, and was made on the terms and subject to the conditions set forth in the offer to purchase dated Feb. 26, 2024.

The Offer was oversubscribed, with approximately $49.2 million aggregate principal amount of Notes validly tendered prior to 5:00 p.m., EDT, on March 11, 2024. The aggregate purchase consideration paid by the Company pursuant to the Offer was $2.0 million (approximately, due to rounding), resulting in a proration of the Notes validly tendered. Notes were accepted for purchase and cancellation only in principal amounts equal to minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Notes that were accepted and prorated pursuant to the Offer were rounded up or down to the nearest $1,000. Holders who tendered less than all of their Notes must not hold Notes in less than the minimum authorized denomination of $2,000 principal amount as a result of the Offer.

Settlement of the Offer was completed by the Company today. Holders will receive payment for the accepted Notes as soon as practicable, in accordance with the terms of the Statement. Upon completion of the Offer, the Company has $114.2 million of Notes outstanding.

Computershare Investor Services Inc. served as the tender agent for the Offer.

Obsidian Energy 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.