Obsidian Energy Announces Strong 2025 Reserves Results
Press Release
- Reserve replacement of 118 percent, 185 percent and 235 percent of 2025 production (adjusted for dispositions) on a proved developed producing (“PDP“), proved (“1P“), and proved plus probable(“2P“) reserves basis
- Added locations in the Willesden Green (Belly River) in both Crimson and Open Creek based on 2025 success
- Initial waterflood reserve bookings from recent pilots at Peace River in the Clearwater
Calgary, Alberta–( – February 5, 2026) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) is pleased to announce the results of our independent reserves evaluation for the year ended December 31, 2025 (the “2025 Reserve Report“) prepared by GLJ Ltd. (“GLJ“).
OBE Announces Strong 2025 Reserves Results
“Our reserves report reflects what was a transformational year at the Company given the disposition of our Pembina asset in April 2025,” commented Stephen Loukas, Obsidian Energy’s President and CEO. “However, organic activity once again more than replaced production across all reserve categories despite moderating our capital program in the second half of the year in response to lower commodity prices. The Pembina disposition had a material impact on our results as it represented approximately 35 percent of the Company’s reserve volumes but importantly reduced corporate decommissioning liabilities by over half and significantly improved our balance sheet strength and liquidity position. Lastly, we are pleased with both the waterflood additions that were added in Peace River, and recognition of our emerging Belly River play in Willesden Green.”
HIGHLIGHTS
Our 2025 capital program consisted of further development and delineation in both Peace River and Willesden Green. In the first half of the year, we focused on primary development as well as exploration in Peace River, specifically in Harmon Valley South (“HVS“) and Dawson. Our program in the second half of the year was balanced between heavy and light oil assets with continued development in Peace River, particularly in the Clearwater, in addition to advancing waterflood initiatives with one pilot in Dawson (Clearwater) and another in HVS (Bluesky). In Willesden Green, we were active in Open Creek, including drilling initial wells in the emerging Belly River formation with strong results.
Key highlights within the 2025 Reserve Report are as follows:
- Solid reserve replacement with 118 percent on a PDP reserves basis, 185 percent on a 1P reserves basis and 235 percent on a 2P reserves basis, based on 2025 production (adjusted for dispositions) and driven by the impact of drilling infill wells and field extensions in both Peace River and Willesden Green.
- Peace River reserves continued to increase and benefitted from waterflood projects, which increased reserves on a 2P basis by 3.5 million boe, particularly in Dawson. The Company is anticipating future additions as our waterflood initiatives expand.
- Our successful Belly River program in Willesden Green added 12 locations in 2025 and 5.6 million boe where previously minimal locations were booked. As the program scope expands in the area, the Company expects to continue to add future locations to our reserves book.
- Reserves before-tax net present value discounted at 10 percent (“NPV10“) were impacted by the Pembina disposition and a lower oil price forecast. The reduction in value on a per share basis was mitigated by strong reserve additions and our share buyback program.
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