Obsidian Energy Announces Closing of Sale of Common Share Position in InPlay Oil Corp.

Press Release

Calgary, Alberta–( August 7, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy” or the “Company“) is pleased to announce that the previously announced disposition of the Company’s common share position in InPlay Oil Corp. (“InPlay“), consisting of 9,139,784 InPlay common shares (“InPlay Shares“) and representing approximately 32.70% of the issued and outstanding InPlay Shares, to Delek Group Ltd. (the “Purchaser“) for $10.00 per InPlay Share for an aggregate purchase price of $91,397,840, subject to certain adjustments described below, has been completed (the “Disposition Transaction“).

OBE Announces Closing of Sale of Common Share Position in InPlay Oil. Corp.

The purpose of the Disposition Transaction was to monetize the equity consideration received by the Company in connection with the disposition of the Company’s Pembina assets in April 2025 and the Company expects to initially use the proceeds of the Disposition Transaction to repay existing indebtedness.

Early Warning Disclosure

Pursuant to the definitive agreement with the Purchaser, the aggregate purchase price for the Company’s InPlay Shares was reduced by $29,563.49, being the amount equal to one-third of certain filing fees incurred by the Purchaser in connection with clearance of the Disposition Transaction under the Competition Act (Canada).

Following closing of the Disposition Transaction, Obsidian Energy does not own any InPlay Shares and owns 20,834 restricted awards (“InPlay RAs“) granted under InPlay’s incentive award plan (representing 0.07% of the issued and outstanding InPlay Shares assuming settlement of such InPlay RAs for InPlay Shares). Pursuant to the terms of InPlay’s incentive award plan, the Company’s InPlay RAs are expected to be forfeited on the date that is 30 days following the closing of the Disposition Transaction.

As of the date of this report, Obsidian Energy does not have any plans or future intentions which relate to or would result in any of the matters described in clauses (a) through (k) of Item 5 of Form 62-103F1.

The Disposition Transaction was completed in reliance on the “private agreement exemption” contained in Section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids (“NI 62-104“), on the basis that (i) the purchase of the InPlay Shares was not made from more than five persons in the aggregate, (ii) the offer to purchase was not made generally to all holders of InPlay Shares, and (iii) the value of the consideration paid for the InPlay Shares by the Purchaser pursuant to the definitive agreement with the Purchaser, including any brokerage fees and commissions, was not greater than 115% of the market price of the InPlay Shares as determined in accordance with NI 62-104.

An early warning report in respect of the Disposition Transaction will be electronically filed with the applicable securities commission in each jurisdiction where InPlay is a reporting issuer and will be available on InPlay’s SEDAR+ profile at www.sedarplus.ca. For further information or to obtain a copy of the early warning report, please contact our Senior Vice President and Chief Financial Officer, Peter Scott, at (403) 777-2500 or Investor.Relations@obsidianenergy.com. InPlay’s head office is located at Suite 2000, 350 7 Avenue S.W., Calgary, Alberta T2P 3N9.

About Obsidian Energy

Obsidian Energy is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets, primarily in the Peace River, Willesden Green and Viking areas in Alberta. The Company’s business is to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin.

Obsidian Energy is headquartered in Calgary and listed on the Toronto Stock Exchange and NYSE American (TSX: OBE) (NYSE American: OBE). To learn more, visit Obsidian Energy’s website.

All figures are in Canadian dollars unless otherwise stated.

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OBSIDIAN ENERGY

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