Obsidian Energy Completes Offer to Purchase $1.4 Million of Our Outstanding Senior Unsecured Notes

Press Release

Calgary, Alberta–(– August 15, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy”, the “Company”, “we”, “us” or “our”) today announced completion of our previously announced offer (the “Offer“) to purchase for cash, up to an aggregate amount of $48.4 million of our outstanding 11.95 percent Senior Unsecured Notes due July 27, 2027 (the “Notes“). The Offer expired on August 12, 2025, and was made on the terms and subject to the conditions set forth in the Offer to Purchase dated July 31, 2025 (the “Statement“).

OBE Completes Offer to Purchase $1.4 Million of our Outstanding Senior Unsecured Notes

The Offer was undersubscribed, with approximately $1.4 million aggregate principal amount of Notes validly tendered prior to 5:00 p.m., EDT, on August 12, 2025. The aggregate purchase consideration paid by the Company pursuant to the Offer was $1.4 million (approximately, due to rounding). Notes were accepted for purchase and cancellation only in principal amounts equal to minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Notes that were accepted and prorated pursuant to the Offer were rounded up or down to the nearest $1,000. Holders who tendered less than all of their Notes must not hold Notes in less than the minimum authorized denomination of $2,000 principal amount as a result of the Offer.

Settlement of the Offer was completed by the Company today. Holders will receive payment for the accepted Notes as soon as practicable, in accordance with the terms of the Statement. Upon completion of the Offer, the Company has $110.8 million of Notes outstanding.

Computershare Investor Services Inc. served as the tender agent for the Offer.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

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 shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol “OBE”.

All figures are in Canadian dollars unless otherwise stated.

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