An anonymous director reports

OBSIDIAN ENERGY PROVIDES UPDATE ON OFFER TO PURCHASE $3.0 MILLION OF OUR OUTSTANDING SENIOR UNSECURED NOTES

Obsidian Energy Ltd. has provided an update on the previously announced offer to purchase for cash up to an aggregate amount of $3-million of our outstanding 11.95 per cent senior unsecured notes due July 27, 2027. The offer expired on March 11, 2025, and was made on the terms and subject to the conditions set forth in the offer to purchase dated Feb. 26, 2025.

There were no notes validly tendered prior to the deadline at 5 p.m. EDT on March 11, 2025. The company currently has $114.2-million aggregate principal amount of notes outstanding.

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

About Obsidian Energy Ltd.

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