<SEC-DOCUMENT>0001193125-23-158329.txt : 20230601
<SEC-HEADER>0001193125-23-158329.hdr.sgml : 20230601
<ACCEPTANCE-DATETIME>20230601060655
ACCESSION NUMBER:		0001193125-23-158329
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230601
FILED AS OF DATE:		20230601
DATE AS OF CHANGE:		20230601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OBSIDIAN ENERGY LTD.
		CENTRAL INDEX KEY:			0001334388
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32895
		FILM NUMBER:		23982935

	BUSINESS ADDRESS:	
		STREET 1:		207 - 9TH AVENUE S.W.
		STREET 2:		SUITE 200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1K3
		BUSINESS PHONE:		(403) 777-2500

	MAIL ADDRESS:	
		STREET 1:		207 - 9TH AVENUE S.W.
		STREET 2:		SUITE 200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1K3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN WEST PETROLEUM LTD.
		DATE OF NAME CHANGE:	20110125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN WEST ENERGY TRUST
		DATE OF NAME CHANGE:	20050727
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d444236d6k.htm
<DESCRIPTION>6-K
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<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of June 2023 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number <FONT STYLE="white-space:nowrap">1-32895</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Obsidian Energy Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 200,
207 &#150; 9<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Avenue SW </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta T2P 1K3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Form <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9745;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1)&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7)&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DOCUMENTS INCLUDED AS PART OF THIS FORM <FONT STYLE="white-space:nowrap">6-K</FONT>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See the Exhibit Index hereto. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on June&nbsp;1, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>OBSIDIAN ENERGY LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">B<SMALL>Y</SMALL>: </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stephen E. Loukas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Stephen E. Loukas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and CEO</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">News release, dated May 31, 2023</TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d444236dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g444236g0601014118562.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Obsidian Energy Announces Increase to Syndicated Credit Facility, Results of Viking Drilling and Update
on Alberta Wildfires </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CALGARY, May&nbsp;31, 2023 &#150; OBSIDIAN ENERGY LTD. (TSX / NYSE American &#150; OBE) (&#147;<B>Obsidian</B>
<B>Energy</B>&#148;, the &#147;<B>Company</B>&#148;, &#147;<B>we</B>&#148;, &#147;<B>us</B>&#148; or &#147;<B>our</B>&#148;) announces an increase to our syndicated credit facility and provides an update on both the results of our first half 2023
Viking drilling program and the expected impact of Alberta wildfires on production and funds flow from operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With the addition of the Industrial
and Commercial Bank of China (Canada) to our banking syndicate, the Company is pleased to announce an increase to our syndicated credit facility to $240&nbsp;million from $200&nbsp;million, successfully completing our near-term objective of
enhancing our liquidity and providing more flexibility for our return of capital strategy. The revolving period and maturity dates under the syndicated credit facility remain unchanged at May&nbsp;31, 2024, and May&nbsp;31, 2025, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of May&nbsp;29, 2023, all 11 (11.0 net) Viking wells drilled during our first half 2023 development program are on stream.&nbsp;The wells are still in the
process of cleaning up and are currently producing at a total rate of 1,832 boe/d (85&nbsp;percent oil).&nbsp;Additionally, Obsidian Energy commissioned the new <FONT STYLE="white-space:nowrap">13-16</FONT> battery in the Viking area as part of our
2023 capital program to allow for continued growth in the expanded and delineated western region of the play. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are pleased to advise that 1,000 boe/d
of the 1,750 boe/d of production impacted due to Alberta wildfires has been brought back online. The remaining 750 boe/d is expected to be on production by the end of this week. With all production impacted by the wildfires occurring in the quarter,
we expect our average production to be reduced by approximately 2,100 boe/d for the second quarter of 2023, and 525 boe/d for 2023 on an annualized basis, with a corresponding reduction in funds flow from operations of approximately
$6.0&nbsp;million. We continue to monitor commodity prices given the recent volatility and are reviewing our plans for the remainder of the year, including the optimization of our second half capital program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RBC GLOBAL ENERGY, POWER AND INFRASTRUCTURE CONFERENCE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Obsidian Energy will be participating in the RBC Global Energy, Power and Infrastructure Conference from June 6th to 7th, 2023 at the InterContinental New York
Times Square in New York, NY. Stephen Loukas, President and CEO will be participating in a breakout session on Wednesday, June&nbsp;7, 2023, at 2:40 p.m. ET/ 12:40 p.m. MT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANNUAL AND SPECIAL MEETING </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s Annual and
Special Meeting (the &#147;<B>Meeting</B>&#148;) is scheduled for Monday, June&nbsp;12, 2023, at 9:00 am (MT) at the offices of Obsidian Energy, Suite 200, 207 &#150; 9 Avenue SW, Calgary, Alberta. Access to the Meeting will, subject to
Company&#146;s <FONT STYLE="white-space:nowrap">by-laws,</FONT> be limited to essential personnel, registered shareholders and proxyholders entitled to attend and vote at the Meeting as well as invited guests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In association with the Meeting, our President and CEO, Stephen Loukas and other members of management will host a webcast presentation after the formal
portion of the meeting at 10:00 am MT (12:00 pm ET) (the &#147;<B>Presentation</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Presentation will be broadcast live on the Internet and
may be accessed either through our <U>website</U> or directly at the <U>webcast portal</U>. Those who wish to listen to the Presentation should connect at least five minutes prior to the scheduled start time through the following numbers: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canada / USA:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-319-4610</FONT></FONT></FONT> (toll-free)</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Toronto:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-416-915-3239</FONT></FONT></FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Calgary:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-403-351-0324</FONT></FONT></FONT></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">question-and-answer</FONT></FONT>
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 emailing questions to
i<U>nvestor.relations@obsidianenergy.com</U>. The updated corporate presentation and the Presentation will be available for replay on our website, <U>www.obsidianenergy.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional information about the Meeting can be found on our <U>website</U>.</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>ADDITIONAL READER ADVISORIES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OIL AND GAS INFORMATION ADVISORY </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barrels of oil
equivalent (&#147;boe&#148;) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of
6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>FORWARD-LOOKING STATEMENTS</U><U> </U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements contained in this document constitute forward-looking statements or information (collectively &#147;<B>forward-looking statements</B>&#148;)
within the meaning of the &#147;safe harbour&#148; provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as &#147;anticipate&#148;, &#147;continue&#148;, &#147;estimate&#148;,
&#147;expect&#148;, &#147;forecast&#148;, &#147;budget&#148;, &#147;may&#148;, &#147;will&#148;, &#147;project&#148;, &#147;could&#148;, &#147;plan&#148;, &#147;intend&#148;, &#147;should&#148;, &#147;believe&#148;, &#147;outlook&#148;,
&#147;objective&#148;, &#147;aim&#148;, &#147;potential&#148;, &#147;target&#148; and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation,
the following: when we expected certain production to be brought back online; our expectations regarding the impact that the wildfires will have on overall average production and funds flow from operations; our expectations at our Viking location;
that we will continue to monitor commodity prices given the recent volatility and are reviewing our plans for the remainder of the year, including the optimization of our second half capital program; when our Meeting and Presentation will take place
and that we will participate in the RBC Global Energy, Power and Infrastructure Conference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to forward-looking statements contained in this
document, the Company has made assumptions regarding, among other things: our ability to bring production back online; that there has been no damage to key assets and infrastructure; that we are able to monitor the situation by getting accurate and
timely information; that we will be able to meet our production guidance projections going forward; that the new battery in the Viking area will assist in continued growth in the expanded and delineated western region of the play; our ability to
execute our plans as described herein and in our other disclosure documents and the impact that the successful execution of such plans will have on our Company and our stakeholders; our ability to execute our capital programs as planned without
significant adverse impacts from various factors beyond our control, including extreme weather events, such as wildfires and flooding, infrastructure access and delays in obtaining regulatory approvals and third party consents; our ability to
conduct an investigation to better understand the situation; and our ability to obtain equipment and staffing in a timely manner to carry out plans and the costs thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the Company believes that the expectations reflected in the forward-looking statements contained in
this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking
statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements contained herein will not be correct, which may cause our actual performance and financial results in future periods to differ
materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: that there is damage to the Company&#146;s key assets
and infrastructure; that production will be <FONT STYLE="white-space:nowrap">shut-in</FONT> longer than expected or have to be shut-in again as wildfires return; that overall average production and funds flow from operations impact is larger than
anticipated; whether the Company is in compliance with all regulatory requirements; the possibility that we change our 2023 capital plans in response to internal and external factors, including those described herein; the possibility that the
Company will not be able to continue to successfully execute our business plans and strategies in part or in full, and the possibility that some or all of the benefits that the Company anticipates will accrue to our Company and our stakeholders as a
result of the successful execution of such plans and strategies do not materialize; and unanticipated operating events or environmental events outside these wildfires that can reduce production or cause production to be shut-in or delayed (including
extreme cold during winter months, wildfires and flooding in other areas). Additional information on these and other factors that could affect Obsidian Energy, or its operations or financial results, are included in the Company&#146;s Annual
Information Form (See &#147;<I>Risk Factors</I>&#148; and &#147;<I>Forward-Looking Statements</I>&#148; therein) which may be accessed through the SEDAR website (<U>www.sedar.com</U>), EDGAR website (<U>www.sec.gov</U>) or Obsidian Energy&#146;s
website. Readers are cautioned that this list of risk factors should not be construed as exhaustive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise specified, the forward-looking
statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements. The
forward-looking statements contained in this document are expressly qualified by this cautionary statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Obsidian Energy shares are listed on both the
Toronto Stock Exchange in Canada and the NYSE American in the United States under the symbol &#147;OBE&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All figures are in Canadian dollars unless
otherwise stated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTACT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>OBSIDIAN ENERGY </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Suite
200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Phone:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">403-777-2500</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Toll Free: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-693-2707</FONT></FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Website: <U>www.obsidianenergy.com</U>;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B><I>Investor Relations:</I></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Toll Free:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-888-770-2633</FONT></FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> <U>investor.relations@obsidianenergy.com</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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