Obsidian Energy Announces TSX Approval for Renewal of Normal Course Issuer Bid

Press Release

Calgary, Alberta–(– February 26, 2026) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) is pleased to announce that the Toronto Stock Exchange (the “TSX“) has accepted Obsidian Energy’s notice of intention to renew our normal course issuer bid (the “NCIB“). The NCIB allows Obsidian Energy to purchase up to 6,458,536 common shares (representing 10 percent of the Company’s public float, as defined by the TSX, as of February 17, 2026) over a period of 12 months commencing on March 3, 2026. On February 17, 2026, Obsidian Energy had 67,306,951 common shares outstanding and 64,585,363 common shares in our public float. The NCIB will expire no later than March 2, 2027.

Under the NCIB, common shares may be repurchased through the facilities of the TSX, the NYSE American stock exchange and/or alternative trading systems in Canada and the United States, or as otherwise permitted under applicable securities laws. Purchases under the NCIB will be made through open market purchases at market price, as well as by other means as may be permitted under applicable securities laws. The NCIB will be effected in accordance with the TSX NCIB rules and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, which contain restrictions on the number of common shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of Obsidian Energy’s common shares on the applicable exchange.

The total number of common shares Obsidian Energy is permitted to purchase on the TSX is subject to a daily purchase limit of 59,759 common shares, representing 25 percent of the average daily trading volume of 239,036 common shares on the TSX calculated for the six-month period ended January 31, 2026. However, the Company may make one block purchase per calendar week on the TSX which exceeds such daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Obsidian Energy.

The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Obsidian Energy. The Company believes that, at times, the prevailing share price does not reflect the underlying value of our common shares and the repurchase of our common shares for cancellation represents an attractive opportunity to enhance Obsidian Energy’s per share metrics, and thereby increase the underlying value of the Company’s common shares for our shareholders.

Obsidian Energy has established an automatic securities purchase plan with a designated broker whereby common shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods. Under the automatic securities purchase plan and before entering into a self-imposed blackout period, the Company may, but is not required to, request that the designated broker make purchases under the NCIB. Such purchases will be made at the discretion of the designated broker, within parameters established by Obsidian Energy prior to the blackout periods. Outside of the blackout periods, purchases are made at the discretion of the Company’s management. The automatic securities purchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

The Company is permitted to repurchase up to 7,144,408 common shares under its current NCIB that commenced on March 3, 2025, and will expire on March 2, 2026. As at February 17, 2026, Obsidian Energy had repurchased 7,144,408 common shares on the open market, which was the maximum allowed under our expiring NCIB, at a volume weighted average price per common share of approximately $7.16 per share.

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.

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 E-mail: investor.relations@obsidianenergy.com