Mr. Stephen Loukas reports

OBSIDIAN ENERGY ANNOUNCES DATE OF FIRST QUARTER 2024 RESULTS AND AGM WEBCAST

Obsidian Energy Ltd. expects to release its first quarter 2024 financial and operational results before North American markets open on Thursday, May 2, 2024. In addition, the first quarter management's discussion and analysis and the unaudited consolidated financial statements will be available on the company's website and under its SEDAR+ profile and EDGAR profile on or about the same date.

Annual and special meeting

The company's annual and special meeting is scheduled for Thursday, May 2, 2024, at 9 a.m. MT at the offices of Obsidian Energy, suite 200, 207 -- 9 Av. SW, Calgary, Alta. Access to the meeting will, subject to company's bylaws, be limited to essential personnel, registered shareholders and proxyholders entitled to attend and vote at the meeting as well as invited guests. Additional information about the meeting can be found on the company's website.

In association with the meeting, the company's president and chief executive officer, Stephen Loukas, and other members of management will host a webcast presentation after the formal portion of the meeting at 10 a.m. MT (12 p.m. ET).

The presentation will be broadcast live on the Internet and may be accessed either through the company's website or directly at the webcast portal. Those who wish to listen to the presentation should connect at least five 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 Intranet or by e-mailing questions to investor.relations@obsidianenergy.com. An updated corporate presentation and the presentation will be available following the webcast on the company's website.

We seek Safe Harbor.