Mr. John Brydson reports

OBSIDIAN ENERGY ANNOUNCES VOTING RESULTS FROM THE 2024 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

At Obsidian Energy Ltd.'s annual and special meeting of shareholders held on May 2, 2024, Obsidian Energy's shareholders approved all resolutions outlined in the notice of 2024 annual and special meeting and management proxy circular dated March 15, 2024, which is available on SEDAR+, on EDGAR and on Obsidian Energy's website.

1) Appointment of auditor

By resolution passed by show of hands, KPMG LLP, chartered accountants, was appointed as auditor of the issuer for the ensuing year.

2) Election of directors

By resolutions passed by ballot vote, the seven nominees as shown in the attached table proposed by management were elected as directors of the company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed.

3) Non-binding advisory vote on the corporation's approach to executive compensation

By resolution passed by ballot vote, an advisory resolution was passed to approve the company's approach to executive compensation as outlined in the information circular.

Corporate presentation and webcast

Today, Obsidian Energy's management team held a webcast presentation live on the Internet for investors, shareholders and stakeholders to discuss the company's strategy, assets, value and future plans. The corporate presentation has been posted to the company's website, and the full webcast presentation is available for replay either through its website or directly at the webcast portal.