An anonymous director reports

OBSIDIAN ENERGY ANNOUNCES CLOSING OF $75 MILLION ADD-ON TO OUR SENIOR UNSECURED NOTES

Obsidian Energy Ltd. has successfully closed the previously announced private placement offering of $75.0-million aggregate principal amount to its existing 8.125 per cent senior unsecured notes due Dec. 3, 2030, issued on Dec. 3, 2025. The additional notes were issued at a price of 102.75 per cent of their face value (plus accrued and unpaid interest from and including June 3, 2026, to, but excluding, the date of closing of the offering), resulting in an effective yield of 7.186 per cnet and gross proceeds of $77.9-million. The additional notes were issued under a supplemental indenture to the existing trust indenture governing the notes and are direct senior unsecured obligations of Obsidian Energy, ranking equal with all other present and future senior unsecured indebtedness of the company.

The net proceeds will be used to pay down indebtedness under our syndicated credit facility, finance to general corporate expenses and to pay related transaction expenses. Upon closing of the offering, the aggregate principal amount of the notes outstanding increased from $175.0-million to $250.0-million.

BMO Capital Markets and RBC Capital Markets acted as bookrunners while Raymond James Ltd. acted as co-manager for the offering. The notes are not qualified for distribution to the public or registered under the securities laws of any province or territory of Canada or in the United States. They are only offered in the provinces of Canada pursuant to applicable exemptions from the prospectus and registration requirements thereunder. The notes were not offered in the United States.

About Obsidian Energy Ltd.

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.

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