Mr. Stephen Loukas reports

OBSIDIAN ENERGY ANNOUNCES VOTING RESULTS FROM THE 2026 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

At Obsidian Energy Ltd.'s annual and special meeting of shareholders held on May 7, 2026, Obsidian Energy's shareholders approved all resolutions outlined in the notice of 2026 annual and special meeting and management proxy circular dated March 15, 2026, which is available on SEDAR+, EDGAR and Obsidian Energy's website.

1. Appointment of auditor

By resolution passed by show of hands, KPMG LLP, chartered accountants, was appointed as auditor of the company for the ensuing year.

2. Election of directors

By resolutions passed by ballot vote, the following seven nominees proposed by management were elected as directors of the company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed.

3. Non-binding advisory vote on the corporation's approach to executive compensation

By resolution passed by ballot vote, the company's approach to executive compensation as outlined in the information circular was approved. The results of the ballot were as follows.

 
Votes for     Per cent    Votes against    Per cent

19,608,843       84.3%        3,662,152       15.7% 

4. Approval of amendments to stock option plan

By resolution passed by ballot vote, the company's amendments to its stock option plan, as outlined in the information circular, were approved. The results of the ballot were as follows.

Votes for     Per cent    Votes against    Per cent

21,167,239       91.0%        2,103,756        9.0%  

5. Approval of unallocated options pursuant to the stock option plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under the stock option plan until May 7, 2029, were approved. The results of the ballot were as follows.

Votes for     Per cent    Votes against    Per cent

21,128,547       90.8%        2,142,448        9.2%  

6. Approval of unallocated share unit awards issuable under the award plan

By resolution passed by ballot vote, all unallocated share unit awards under the restricted and performance share unit plan until May 7, 2029, were approved. The results of the ballot were as follows.

Votes for     Per cent    Votes against    Per cent

21,118,295       90.7%        2,152,700        9.3%  

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 Canadian sedimentary basin.

Obsidian Energy is headquartered in Calgary and listed on the Toronto Stock Exchange and NYSE American.