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Obsidian Energy Announces Syndicated Credit Facility Increase to $300 Million

Press Release

Calgary, Alberta–( October 7, 2024) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) today announced an increase to our syndicated credit facility (the “Credit Facility“) along with the substantial repayment of our term loan (the “Term Loan“).

OBE Announces Syndicated Credit Facility Increase

The aggregate amount available on our Credit Facility has increased to $300 million from $260 million with the addition of ICBC Standard Bank Plc. to the Company’s banking syndicate. The revolving period and maturity dates under the Credit Facility remain unchanged on May 31, 2025, and May 31, 2026, respectively. The expansion of the Credit Facility supports our objective of continuing to enhance our liquidity, while accelerating repayment of our term loan and providing flexibility for our Peace River production growth and return of capital strategy.

We have used the increase in our Credit Facility to reduce the amount outstanding on our Term Loan to $10 million. The Term Loan continues to have a maturity date of June 26, 2025 and is expected to be repaid prior to that time with internally generated cash flow. The $50 million Term Loan was originally utilized to partially fund our Peace River asset acquisition that closed in June 2024.

ADDITIONAL READER ADVISORIES

CONTACT

OBSIDIAN ENERGY
Suite 200, 207 – 9th Avenue SW, Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Toll Free: 1-866-693-2707
Website: www.obsidianenergy.com

Investor Relations:
Toll Free: 1-888-770-2633
Email: investor.relations@obsidianenergy.com

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